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<br />Promissory Note <br /> <br />Date June 20. 2000 Date of Substantial Completion 1/e.(' e-__b __ 3 I, 2-co.y <br /> <br />1. For Value Received, the City of Loveland, Colorado, Water Enterprise ("BORROWER") promises to pay the State <br />of Colorado Water Conservation Board ("STATE"), the principal sum of Five Million Dollars ($5,000,000) plus <br />interest at the rate of 4.45% per annum for a term of ten (10) years, pursuant to Loan Contract No. C150005 <br />("LOAN CONTRACT"). <br /> <br />2. The first payment of Six Hundred Thirty Thousand One Hundred Eighty Six and 47/100 Dollars ($630,186.47) <br />shall be due one year from the date that the State determines that the project is substantially complete, and <br />annually thereafter until the entire principal sum, all accrued interest, and all late charges, if any, shall have been <br />paid in full. <br /> <br /> <br />and mailed to 1313 Sherman <br /> <br />3. Payments shall be made payable to the Colorado W <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. If the STATE does not receive the annual payme <br />a late charge in the amount of 5% 0 ual <br /> <br />5. This Note may be prepaid in Vol <br />shall not postpone the due date 0 <br /> <br />6. All payments received shall be appl <br />principal amount. <br /> <br />e due date, the State may impose <br /> <br />it premium or penalty. Any partial prepayment <br />or change the amount of such payments. <br /> <br />arges, if any, next to accrued interest and then to reduce the <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN <br />CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that may <br />become due hereunder. The security interests, evidenced by a Security Agreement, cover certain revenues. <br />The LOAN CONTRACT and Security Agreement grant additional rights to the STATE. <br /> <br />8. If any, annu~1 pay.ment is not pa~d when due or any defau.lt under the LOANimO. r the Security Agreement <br />secunng thiS Note occurs, the Indebtedness shall bear Interest at th t Yc annum from the date of <br />default. The STATE shall give the BORROWER written notice of any ag ault and ~~~ortunity to cure <br />within thirty (.30) days of receipt of such notice before the BORROWER S.ha..1I b i l'f...d d ~ i~pult for purposes <br />of this Promissory Note. '. ..... I .1.) <br /> <br />9. The BORROWER, any guarantor, and any other person who is now or y 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 />10. This ~tet:t~~I:~/~yerned in all respects by the laws of the State of Colorado. <br />" \. ~ 'I . rrv: .... "" <br />,'(.. "" ........ "*0. ~ <br />S' ~... .... .... C': ~ <br />S"".. ..~o:. BORROWER: City of Loveland, Colorado, Water Enterprise <br />... !'--t,. .. ~ ~ <br />:~"SEAL) \'=': <br />:u: SEAL :0: <br />: , : = <br />~ e. I :: <br />~ ~~.. ..L.. _ ;: <br />'-~. .~~ <br />.", -,>.. .. '"~ ... <br />~ 'i",;.........~~~$' <br />Attest "'~/~IIII ENTl9:\\\\,''\: <br />""11""\ <br /> <br />BY~J d:'7lZ~ <br /> <br />Secretary <br /> <br /> <br />Appendix 2 to Loan Contract No. C150005 <br />