Laserfiche WebLink
<br />PROMISSORY NOTE <br /> <br />Date: April 1 , 2004 <br /> <br />Borrower: The Terrace Irrigation Company <br /> <br />Principal Amount: $245,430.00 <br /> <br />Interest Rate: 2.5% per annum - <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No.: C150171, dated Apri/1, 2004 <br /> <br />Loan Payment: $11,726.07 <br /> <br />Payment Initiation Date*: ,.J 4-;10\ 1.-<-41-{ /,' Z 0 b !{'. <br /> <br />Maturity Date*: J &L I'/. l-C-~" 7 /) z (; ~5 <br /> <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br /> <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 /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from Payment Initiation Date (the date the CWCB determines that the project <br />is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br />any, then remaining unpaid shall be due and payable on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <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 15 calendar days of the due date. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change the <br />amount of such payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are evidenced <br />by a Security Agreement and/or Deed of Trust ("Security Instruments") of even date and <br />amount and cover certain revenues and/or real property of the BORROWER. The LOAN <br />CONTRACT and Security Instruments grant additional rights to the CWCB, including the right to <br />accelerate 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 <br />Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br /> <br />Appendix 2 to Loan Contract C150171 <br />