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<br />. . <br /> <br />Promissory Note <br /> <br />Date March 1,2000 <br /> <br />1. For Value Received, the City of Greeley ("BORROWER") promises to pay the State of Colorado Water <br />Conservation Board ("STATE"), the principal sum of $206,352.70 plus interest at the rate of 5.00 <br />percent per annum, pursuant to Loan Contract No. C153633, as amended ("LOAN CONTRACT"). <br /> <br />2. The first payment of $19,880.49 shall be due and payable on February 1, 1997, and annually <br />thereafter for a term of 15 years or until the entire principal sum and all accrued interest shall have <br />been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 <br />Sherman Street, 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. Any partial <br />prepayment shall not postpone the due date of any subsequent payments or change the amount of <br />such payments. <br /> <br />5. All payments received shall be applied first to accrued interest and then to reduce the principal <br />amount. <br /> <br />6. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The <br />LOAN CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all <br />amounts that may become due hereunder. The security interests, evidenced by a Deed of Trust <br />cover certain real property or water rights of the BORROWER. The LOAN CONTRACT and Deed of <br />Trust grant additional rights to the STATE, including the right to accelerate the maturity of this Note in <br />certain events. <br /> <br />7. If any annual payment is not paid when due or any default occurs under the LOAN CONTRACT or <br />Deed of Trust securing this Note, the STATE may declare the entire outstanding principal balance of <br />the Note and all accrued interest immediately due and payable, without notice or demand, and the <br />indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STATE <br />shall give the BORROWER written notice of any alleged default and an opportunity to cure within <br />thirty (30) days of receipt of such notice before the BORROWER shall be considered in default for <br />purposes of this Promissory Note. <br /> <br />8. The BORROWER, any guarantor, and any other person who is now or may hereafter become <br />primarily or secondarily liable for the payment of this Note or any portion thereof hereby agree that if <br />this Note or interest thereon is not paid when due or suit is brought, then it shall pay all reasonable <br />costs of collection, including reasonable attorney fees. In the event of any bankruptcy or similar <br />proceedings, costs of collection shall include all costs and attorney fees incurred in connection with <br />such proceedings, including the fees of counsel for attendance at meetings of creditors' committees <br />or other committees. <br /> <br />9. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWERYirJj. Ci f reeley, Colorado <br />(S E A L) J ^J A ~ <br />By . C/~ ./ <br /> <br />Jerry Wones, Mayor <br /> <br />Attest: <br />By ALT<LI?, ,~J.\) <br />Be\ .~ Hider, City Clerk <br />\J <br />Exhibit 1 to Loan Contract C153633 Amendment No.2 <br />