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PROMISSORY NOTE <br /> Date: June 12, 2014 <br /> Borrower: Farmers Pawnee Canal Company <br /> Type of Entity: A Colorado nonprofit corporation <br /> Principal Amount: $2,067,470 <br /> Interest Rate: 1.75% per annum <br /> Term of Repayment: 30 years <br /> Loan Contract No.: C150394 <br /> Loan Payment: $89,169.47 l / <br /> Payment Initiation Date*: 5 , 4' <br /> Maturity Date*: /, % '46 <br /> * Payment Initiation Date and Maturity Date fields are filled in after the project has been <br /> substantially completed. <br /> 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board <br /> ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN <br /> CONTRACT and this promissory note. <br /> 2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br /> payable one year from Payment Initiation Date (the date the CWCB determines that the project <br /> is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br /> any, then remaining unpaid shall be due and payable on or before the Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br /> Room 721, Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br /> does not receive the annual payment within 15 calendar days of the due date. <br /> 5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br /> partial prepayment shall not postpone the due date of any subsequent payments or change the <br /> amount of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br /> then to reduce the principal amount. <br /> 7. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB and <br /> the BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure <br /> the prompt payment of all amounts that may become due hereunder. Said security interests <br /> are evidenced by a SECURITY AGREEMENT and DEED(S) OF TRUST ("SECURITY INSTRUMENTS") of <br /> even date and amount and cover certain revenues, real property, water rights and/or accounts <br /> of the BORROWER. The LOAN CONTRACT and Security Instruments grant additional rights to the <br /> CWCB, including the right to accelerate the maturity of this PROMISSORY NOTE in certain <br /> events. <br /> Appendix 2 to Loan Contract C150394 <br /> Page 1 of 2 <br />