Laserfiche WebLink
<br />PROMISSORY NOTE <br /> <br />Principal Amount: <br />Term: <br />Loan Contract: <br /> <br />$2,000,000 <br />20 Years <br />#C153778 <br /> <br />Interest Rate: <br />Loan Payment: <br />Date: <br /> <br />4~% <br />$153,752.29 <br />I 7 J tJ / 'j , 1997 <br /> <br />1. FOR VALUE RECEIVED, the ("BORROWER") promises to pay the State of Colorado Water Conservation Board <br />("STATE"), the principal sum of $2,000,000 with annual payments of $153,752.29 based on the interest rate of 4~ <br />percent per annum on the outstanding principal balance for a term of 20 years, or until paid in full, pursuant to Loan <br />Contract #C153778 ("LOAN CONTRACT"). <br /> <br />2. The first installment shall be on September 1, 1998, an er until the entire principal sum and any <br />accrued interest shall have been paid in full. --( ~ <br /> <br />3. All payments received shall be applied first to accrued i<. r~.. ~ \~ the retirement of the principal. <br />Payments shall be made payable to the Colorado Wa erv1iib~~rd 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 first <br />to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone the <br />due date of any subsequent payments or change the amount of such payments. <br /> <br />5. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT <br />creates security interests in favor of the STATE to secure the prompt payment of all amounts which may become <br />due hereunder. The security interests, evidenced by a Security Agreement and an Assignment of Certificate of <br />Deposit, cover certain revenues and accounts of the BORROWER. The LOAN CONTRACT, Security Agreement and <br />Assignment grant additional rights to the STATE, including the right to accelerate the maturity of this Note in certain <br />events. <br /> <br /> <br /> <br />6. If any payment of principal or interest is not paid promptly when due or any default under the LOAN CONTRACT or <br />the Security Agreement or Assignment securing this Note occurs, the STATE may declare the entire outstanding <br />principal balance of the Note, and all accrued interest, immediately due and payable, without notice or demand, <br />and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. <br /> <br />7. The BORROWER, any guarantor, and any other person who is now or 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 all <br />costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance <br />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 />BORROWER: Up Yampa Water Conservancy District <br /> <br /> <br />b <br /> <br />Appendix B to Contract #C153778 <br />