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<br />PROMISSORY NOTE <br /> <br />Date: February 18, 2005 <br /> <br />Borrower: The Greeley and Loveland Irrigation Company <br /> <br />Principal Amount: $2,844,000.00 <br /> <br />Interest Rate: 3.0% per annum <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No.: C150161, dated February 18, 2005 <br /> <br />Loan Payment: $145,098.77 <br /> <br />Payment Initiation Date*: <br /> <br />Maturity Date*: <br /> <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially <br />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 payable <br />one year from Payment Initiation Date (the date the CWCB determines that the project is substantially <br />complete), and annually thereafter. All principal, interest, and late charges, if any, then remaining <br />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, Room <br />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 does <br />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 partial <br />prepayment shall not postpone the due date of any subsequent payments or change the amount of <br />such payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to <br />reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. The <br />LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt payment of all <br />amounts that may become due hereunder. Said security interests are evidenced by a Security <br />Agreement and Deed of Trust ("Security Instruments") of even date and amount and cover certain <br />revenues, real property, water rights and/or accounts of the BORROWER. The LOAN CONTRACT and <br />Security Instruments grant additional rights to the CWCB including the right to accelerate the maturity <br />of this Note in certain events. <br /> <br />Appendix 2 to Loan Contract C150161 <br />Page 1 of 2 <br />