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LPPD000404
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Last modified
11/19/2009 11:17:43 AM
Creation date
3/26/2007 10:37:49 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153678
Contractor Name
Lower Arkansas Water Management Association
Contract Type
Loan
Water District
67
County
Prowers
Bill Number
SB 96-124
Loan Projects - Doc Type
Contract Documents
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<br />PROMISSORY NOTE <br /> <br />Date: April 1 , 2004 <br /> <br />Borrower: Lower Arkansas Wa'fer ttYJ%IMI~rReR\lmsol1it3ti~TE ANI <br />DEED OF-TRUST IS RELEASED THE <br />Principal Amount: $30,524.49 DAY OF _-_HOM....3.-Q...llIi.._ <br /> <br />fY. r1J~~ <br /> <br />LORRAINE WOOLLEY, PUBLIC TRUSTEF <br />PROWERS COUNTY, CO <br />No. C153678, dated May 11, 1994, and amended April 1 , 2004 <br /> <br />Loan Payment: $11,051.69 <br /> <br />Payment Initiation Date: November 1, 2004 P M< <br /> <br />Maturity Date: November 1 , 2~f? .."., <br /> <br />1. FOR VALUE RECEIVED, the BORROWER prluf~ t~Jt~ f~rado Water Conservation <br />Board ("CWCB"), the Principal Amount plus:w,t~'l\st,lhe Term of Repayment, <br /> <br /> <br />.25% per annum <br /> <br />ears <br /> <br />pursuant to the LOAN CONTRACT and this promissory note. <br /> <br />2. This Promissory Note replaces and supersedes the Promissory Note Provisions <br />contained in the Original Loan Contract dated May 11, 1994. <br /> <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due on the Payment Initiation Date and annually thereafter until all principal, interest, and <br />late charges, if any, have been paid in full, with all such principal, interest, and late <br />charges, required to be paid on or before the Maturity Date. <br /> <br />4, Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />5. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments or <br />change the amount of such payments. <br /> <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br /> <br />8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement and/or Deed of Trust of even <br />date and amount and cover certain revenues, real property and/or water rights of the <br />BORROWER. The LOAN CONTRACT, Security Agreement and/or Deed of Trust grant <br />additional rights to the CWCB, including the right to accelerate the maturity of this Note <br /> <br />Appendix A to Contract C153678 Amendment No.1 <br />
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