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PROMISSORY NOTE <br /> Date: July 14, 2009 <br /> Borrower: Town of Gypsum, acting by and through its Water Activity <br /> Enterprise <br /> Principal Amount: $2,689,731 <br /> Interest Rate: 4.50% per annum <br /> Term of Repayment: 30 years <br /> Loan Contract No.: C150296, dated July 14, 2009 <br /> Loan Payment: $165,126.74 <br /> Payment Initiation Date*: , 20/7 <br /> Maturity Date*: -.J ([!1 K 4 N L. / 704/7 <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 <br /> Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to <br /> the LOAN 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 <br /> project is substantially complete), and annually thereafter. All principal, interest, and late <br /> 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 721, Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br /> CWCB 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 <br /> 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 Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. The LOAN <br /> CONTRACT creates security interests in favor of the CWCB to secure the prompt payment of all amounts <br /> that may become due hereunder. Said security interests are evidenced by a Security Agreement and/or <br /> Assignment(s) ("Security Instruments")of even date and amount and cover certain revenues, real <br /> Appendix 2 to Loan Contract C150296 <br /> Page 1 of 2 <br />