My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
PROJC01460
CWCB
>
Loan Projects
>
Backfile
>
1001-2000
>
PROJC01460
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/12/2012 9:50:06 AM
Creation date
11/15/2006 2:12:35 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150006
Contractor Name
Palisade, Town of
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
HB 95-1155
Loan Projects - Doc Type
Contract Documents
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
57
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
<br />,--:..... <br /> <br />Promissory Note <br /> <br />Date November .t3 ,1999 <br /> <br />Date of Substantial Compietion 0 c/" I, ~ _ ./. ), 0 0 0 <br />. <br /> <br />1. FOR VALUE RECEIVED, the Town of Palisade, Colorado ("BORROWER") promises to pay the State of Colorado <br />Water Conservation Board ("STATE"), the principal sum of $922,000 plus interest at the rate of four percent (4%) <br />per annum for a temn of thirty (30) years from the date of the first payment as set forth in paragraph 2 herein, <br />pursuant to Loan Contract No. C150006 ("LOAN CONTRACT"). <br /> <br />2. The first payment of $53,319.35 shall be due one year from the date that the State detemnines that the project is <br />substantially complete. and annually thereafter on that date until the entire principal sum, all accrued interest. and <br />all late charges, if any, shall have been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Shemnan Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. if the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose a <br />late charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whoie or in part at any time without premium or penalty. Any partial prepayment shall <br />not postpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />6. All payments received shall be applied first to iate charges, if any, next to accrued interest and then to reduce the <br />principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of the STATE to secure the prompt payment of all amounts that may become due <br />hereunder. The security interests. evidenced by a Security Agreement, cover certain revenues of the BORROWER. <br />The LOAN CONTRACT and Security Agreement grant additional rights to the STATE, including ti.< "ght to accelerate <br />the maturity of this Note in certain events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Agreement <br />occurs, the STATE may declare the entire outstanding principal balance of the Note, all accrued interest, and any <br />outstanding late charges immediately due and payable. and the indebtedness shall bear interest at the rate of 7% <br />per annum from the date of default. The STATE shall give the BORROWER written notice of any alleged default and <br />an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER shaii be considered <br />in default for purposes of this Promissory Note. <br /> <br />9. The BORROWER. any guarantor, and any other person who is now or may hereafter become primarily or <br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest <br />thereon is not paid when due or suit is brought, then it shall pay aii reasonable costs of cOiiection, including <br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all <br />costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance <br />at meetings of creditor;;;."~mmittees or other committees. <br />,.n "" <br />,"';:\)SAO~'#'~ <br />1 O. This Note sh~~,~,"et'~ ;"".respects by the iaws of the State of Colorado. <br />~~ .. ..OO~~ <br />fo... "\ \ BORROWER: T n of Pal' ade, <br />ft.e. .- <br />(S. : ~,,''-.-, !", . : ~ <br />': o. '~"~. :;;: <br />~ .. .e ': B <br />\V" ... ...r!!ll Y <br />,... .. -J..'" <br />'.. .......:\... .... <br />Atte~\ ....."O,c:-FIC\~..'.' <br /> <br />ByV~J;:;;:;;t. <br /> <br />Vivian Touve, Town Clerk <br /> <br /> <br />Appendix B to Loan Contract C150006 <br />
The URL can be used to link to this page
Your browser does not support the video tag.