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EXHIBIT 2,AMENDMENT No.3 TO LOAN CONTRACT CT2015-165(C15o240) <br /> AMENDMENT TO PROMISSORY NOTE <br /> Date: October u, 2016 <br /> Borrower: Bull Creek Reservoir Canal&Power Company, a Colorado nonprofit <br /> corporation <br /> Original Loan Amount: $1,801,630.00 <br /> Current Loan Balance: $1,647,433.23 <br /> Interest Rate: 2.5o%per annum <br /> Term of Repayment: Original:3o years Remaining:25 years <br /> Loan Contract No.: CT2015-165(C150240) <br /> Loan Payment: $89,415.96 <br /> Payment Initiation Date: September 1, 2011 <br /> Maturity Date: September 1, 2041 <br /> 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 /> 1. This Promissory Note replaces and supersedes all Original Promissory Notes and Amended <br /> Promissory Notes attached as appendices to the Original Loan Contract, Contract Amendment <br /> No. 1 and Contract Amendment No. 2. The Loan Contract Annual Repayment Amount shall <br /> change from$94,081.68 to$89,415.96. <br /> 2. Principal and interest shall be payable in equal Loan Payments. The first payment was paid one <br /> year from the Payment Initiation Date, and due annually thereafter. All principal, interest, and <br /> late charges, if any, then remaining unpaid shall be due and payable on or before the Maturity <br /> Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br /> Room 718, 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 /> Exhibit 2 to Loan Contract Amendment No. 3, Loan Contract No. CT2015-165 <br /> Page 1 of 2 <br />