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APPENDIX A,AMENDMENT No.1 TO LOAN CONTRACT CT2015-039 <br /> AMENDMENT TO PROMISSORY NOTE <br /> Date: —�� ,2017 <br /> Borrower. Big Elk Meadows Association <br /> Total Loan Amount: $2,020,000.00 <br /> Interest Rate: Zero interest for first six years, followed by 2.75%for remaining <br /> 30 years <br /> Term of Repayment: No payments for first six years followed by 30 years of <br /> amortized payments or until loan is paid in full <br /> Loan Contract No.: CT2015-039 <br /> Loan Payment $0 first six years of loan, followed by 30 remaining payments of <br /> $99,756.53 <br /> Payment Initiation Date': March 1, 2014 <br /> Maturity Date': March 1, 2050 <br /> * Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially <br /> completed. <br /> FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board ("CWCB"), <br /> the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN CONTRACT and this <br /> promissory note. <br /> i. This Amendment to Promissory Note shall replace and supersede the Original Promissory Note <br /> attached to the Original Contract and incorporated by reference. <br /> 2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and payable <br /> on the first of the month seven (7) years from the Payment Initiation Date and annually thereafter. All <br /> principal, interest, and late charges, if any, then remaining unpaid shall be due and payable on or before <br /> the Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street Room 718, <br /> Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of 5%of the annual payment if the CWCB does not <br /> 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 partial <br /> prepayment shall not postpone the due date of any subsequent payments or change the amount of such <br /> payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to <br /> 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 <br /> Appendix A <br /> Page iof2 <br />