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<br />PROMISSORY NOTE <br /> <br />Date: February 1, 2003 <br />Borrower: Town of Akron, Colorado <br />Principal Amount: $ 349,799 <br />Interest Rate: 3.75% per annum <br />Term of Repayment: 30 years <br />Loan Contract No. : C15011f, dated February 1, 2003 <br />Loan Payment: $19,619.39 <br />Payment Initiation Date*: 5tt:;1f/le-#~-J.;J,;- J, l~t;}iJ t <br />, " <br /> <br />Maturity Date*: 5'e-P'l/-..z "7<-. j, .-P'r J, z 1:; Z 7 <br />I ., <br /> <br />* These two fields are filled in after the project has been substantially completed. <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LOAN CONTRACT. <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, withthefrrst payment <br />due and payable one year from the date the CWCB determines that the project is <br />substantially complete (Payment Initiation Date), and annually thereafter until all <br />principal, interest, and late charges, if any, have been paid in full, with all such <br />principal, interest, and late charges, required to be paid on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br /> <br />5. 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 <br />or change the amount of such payments. <br /> <br />6. 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 />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCS and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCS to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement of even date and amount <br /> <br />Appendix 2 to Loan Contract C15011' <br />