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PROMISSORY NOTE <br /> Date: October 21, 2013 <br /> Borrower: Ish Reservoir Company, a Colorado nonprofit corporation <br /> Principal Amount: $207,050 <br /> Interest Rate: zero interest for first three years, followed by 1.75% for remaining <br /> 27 years <br /> Term of Repayment: 30 years - no payments for first three years followed by 27 years of <br /> amortized payments <br /> Loan Contract No.: C150376 <br /> Loan Payment: $0 first three years of loan, followed by 27 remaining payments of <br /> $9,688.03 <br /> Payment Initiation Date*: December 1, 2013 <br /> Maturity Date*: December 1, 2043 <br /> * Payment Initiation Date and Maturity Date fields are filled in after the contract has been executed. <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 on the first of the month four (4) years from the Payment Initiation Date and annually <br /> thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall be due <br /> 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 PROMISSORY NOTE may be prepaid in whole or in part at any time without premium or <br /> penalty. Any partial prepayment shall not postpone the due date of any subsequent payments <br /> or change the 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 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 <br /> the CWCB, including the right to accelerate the maturity of this PROMISSORY NOTE in certain <br /> events. <br /> Appendix 2 to Loan Contract C150376 <br /> Page 1 of 2 <br />