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Mix mayonnaise, lime zest and juice, paprika and cayenne in small bowl. Refrigerate until ready to serve. Peel back the corn husks without removing husk or stem. Remove all of the corn silk. With husks pulled back, tie together with piece of husk.
Grill over medium-high heat 10 minutes or until corn is tender and lightly charred, turning occasionally.
Spread mayonnaise mixture over corn. Sprinkle with Cotija and additional paprika, if desired. Serve immediately.