|
<br />~
<br />PROMllSSORYNOTE 1/1117 ~ y
<br />
<br />
<br />Principal Amount:: $65,000 Interest Rate: 314% 1> t jtJ. t. ~ ilL
<br />Term: 10Years ' Loan Payment: $7,717.53 1\
<br />Loan Contract:: #C153756 Date: August~, 199~ It
<br />
<br />
<br />1. FOR" AL.UE ,RECEl'IED, the Lower Arkansas Water Management ASSociation ("BORROWER") promises to pay ~
<br />the State of Colorado Water Conservation Board ("STATE"), the principal sum of $65,000.00 with annual payments t{'13 -{)t.j
<br />of $7,717.52 based on an interest rate of 314% per annum on the outstanding principal balance for a term of 10
<br />years, or until paid in full, pursuant to Loan Contract #C153756 ("LOAN CONTRACT").
<br />
<br />2. The first payment shall be due one year from the date the STATE accepts the feasibility study described in the
<br />Loan Contract as completed, and annually thereafter until the entire principal sum and any accrued interest shall
<br />have been paid in full.
<br />
<br />3. All payments received shall be applied first to accrued interest and then to the retirement of the principal.
<br />Payments shall be made payable to the Colorado Water Conservation" Board and mailed to 1313 Sherman Street,
<br />Room 721, Denver, Colorado 80203.
<br />
<br />4. This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments applied
<br />first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone
<br />the due date of any subsequent payments or change the amount,.Jt SUt.h payments.
<br />
<br />5. This Note is issued pursuant,to the LOAN CONTRACT between the)5TATi;;and the BORROWER. The LOAN CONTRACT
<br />creates security interests in favor of the STATE to secure the prompt p~yment of all amounts which may become
<br />due hereunder. The security interests, evidenced by security agl's,srf.ents, deed of trust, stock assignment, and
<br />assignment of deposit account, cover certain revenues and accol:iht~ 6Hhe BORROWER and grant additional rights
<br />to the STATE, including the right to accelerate the maturity of this Ncit~:in-'gertainevents.
<br />
<br />", c) /'
<br />
<br />6. If any payment of principal or interest is not paid promptly when dUe!t"!'"')dny default under the LOAN CONTRACT or
<br />the security agreements, deed of trust, stock assignment, or aS5rgbll'T'.8'llt of deposit account securing this Note
<br />occurs, the STATE may declare the entire outstanding principal J:;pii:l!:ice of the Note, and all accrued interest,
<br />immediately due and payable, without notice or demand, and the ind~b'1:edness shall bear interest at the rate of
<br />314% per annum from the date of default. ,;;
<br />.~':' ,J
<br />
<br />7. The BORROWER, any guarantor, and any successor of the BORROWER who 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 all reasonable costs of collection, including
<br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include
<br />all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for
<br />attendance at meetings of creditors' committees or other committees.
<br />
<br />8.' This Note shall be governed in all respects by the laws of the State of Colorado.
<br />
<br />
<br />By
<br />
<br />
<br />,,~ U ,,}'
<br />
<br />, J. Grasmick, President
<br />'. WRITTEN REQUEST THiS NOTE ANI)
<br />DEED OF TRUST IS RELEASED THE
<br />-. DAY OF _~ "'At ','~
<br />
<br />~. .-.- - -
<br />~.~~
<br />LORRAINE WOOLLEY. PUBLIC TRUSTEE
<br />PROWE:RS COUNTY. CO
<br />Appendix Cto Loan Contract #C153756
<br />
|