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APPENDIX 3,PROMISSORY NOTE <br /> Date: Febuary 20,2019 <br /> Borrower: Arabian Acres Metropolitan District,acting by and through the water activity enterpri <br /> Total Loan Amount: $404,000.00 <br /> Interest Rate: 1.85%per annum <br /> Term of Repayment: 10 years <br /> Loan Contract Number: CT2019-2792 <br /> Annual Loan Payment: $44,623.67 <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 completed. <br /> 1. For Value Received, the Borrower promises to pay the Colorado Water Conservation Board ("CWCB"), the <br /> Principal Amount plus Interest for the Term of Repayment,pursuant to the Contract and this Promissory Note. <br /> 2. Principal and interest shall be payable in annual equal payments as set forth in"Annu 1 Loan Payment"above, <br /> with the first payment due and payable one year from the Payment Initiation Dae (the date the CWCB <br /> determines that the Project is substantially complete), and annually thereafter. All p cipal, interest,and late <br /> charges,if any,then remaining unpaid shall be due and payable on or before the Matu ity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman S et,Room 718,Denver, <br /> Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of five percent(5%)of the ann I payment if the CWCB <br /> does not receive the annual payment within sixty (60)calendar days of the due date. At the discretion of the <br /> CWCB, and if the Borrower requests in writing with sufficient justification,the late fee may be waived by the <br /> CWCB.CWCB will review the request from the Borrower,and may,in its sole discretion,choose to waive the <br /> late fee. <br /> 5. This Promissory Note may be prepaid in whole or in part at any time without premi or penalty.Any partial <br /> prepayment shall not postpone the due date of any subsequent payments or change themount of such payments. <br /> 6. This Promissory Note is issued pursuant to the Contract between the CWCB and the orrower. The Contract <br /> creates security interests in favor of the CWCB to secure the prompt payment of all ounts that may become <br /> due hereunder. Said security interests are evidenced by the Security Agreement("Sec 'ty Instrument")of even <br /> date and amount herewith and cover the Pledged Revenue. The Contract and S curityInstruments grant <br /> additional rights to the CWCB, including the right to accelerate the maturity of this P missory Note in certain <br /> events. <br /> 1 <br /> 7. If any annual payment is not paid when due or any default under the Contract or e Security Instruments <br /> securing this Promissory Note occurs,the CWCB may declare the entire outstandin principal balance of the <br /> Note,all accrued interest,and any outstanding late charges immediately due and paya le,and the indebtedness <br /> shall bear interest at the rate of seven percent(7%)per annum from the date of defaul The CWCB shall give <br /> Contract Number:CT2019-2792 <br /> Appendix 3 <br /> Page 1 of 2 <br />