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PROMISSORY NOTE <br /> DATE: SEPTEMBER 22,2017 <br /> BORROWER: CONSOLIDATED DITCH AND HEADGATE COMPANY <br /> TOTAL LOAN AMOUNT: $1,010,000.00 <br /> INTEREST RATE: 1.8o%PER ANNUM <br /> TERM OF REPAYMENT: 3o YEARS <br /> LOAN CONTRACT NUMBER: CT2o18-1o17 <br /> ANNUAL LOAN PAYMENT: $43,865.75 <br /> PAYMENT INITIATION DATE*: <br /> (To be filled in at Substantial Completion of Project) <br /> MATURITY DATE*: <br /> (To be filled in at Substantial Completion of Project) <br /> *Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially <br /> 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 annual equal payments as set forth in "Annual Loan <br /> Payment" above, with the first payment due and payable one year from the Payment Initiation <br /> Date (the date the CWCB determines that the project is substantially complete), and annually <br /> thereafter. All principal, interest, and late charges, if any,then remaining unpaid shall be due and <br /> payable on or before the Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room <br /> 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 6o calendar days of the due date.At the discretion of <br /> the CWCB, and if the BORROWER requests in writing with sufficient justification, the late fee may <br /> be waived by the CWCB. <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 or <br /> change the amount of such payments. <br /> 6. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB and the <br /> BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure the <br /> prompt payment of all amounts that may become due hereunder. Said security interests are <br /> evidenced by the SECURITY AGREEMENT and DEED OF TRUST ("SECURITY INSTRUMENTS") of even <br /> date and amount herewith and cover the PLEDGED REVENUES. The LOAN CONTRACT and SECURITY <br /> Appendix 3 <br /> Page 1 of 2 <br />