|
<br />BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure
<br />the prompt payment of all amounts that may become due hereunder. Said security
<br />interests are evidenced by a Security Agreement and/or Assignment ("Security
<br />Instruments") of even date and amount and cover certain revenues, real property, water
<br />rights and/or accounts of the BORROWER. The LOAN CONTRACT and Security Instruments
<br />grant additional rights to the CWCB, including the right to accelerate the maturity of this
<br />Note in certain events.
<br />
<br />9. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the
<br />Security Instruments securing this Note occurs, the CWCB may declare the entire
<br />outstanding principal balance of the Note, all accrued interest, and any outstanding late
<br />charges immediately due and payable, and the indebtedness shall bear interest at the rate
<br />of 7% per annum from the date of default. The CWCB shall give the BORROWER written
<br />notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of
<br />such notice before the BORROWER shall be considered in default for purposes of this
<br />Promissory Note.
<br />
<br />10. The BORROWER and any co-signer or guarantor hereby agree that if this Note or interest
<br />thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of
<br />collection, including reasonable attorney fees. In the event of any bankruptcy or similar
<br />proceedings, costs of collection shall include all costs and attorney fees incurred in
<br />connection with such proceedings, including the fees of counsel for attendance at meetings
<br />of creditors' committees or other committees.
<br />
<br />
<br />j' '\ 'I' Fi I A,
<br />.\ ,.) , . ., / .' ,
<br />. "J .' .' . .. . :., , <,
<br />".;r,j!,AIJU, <;;
<br />(. ,'Q -', ' ~'. I
<br />:<'" .. tJ ",if v., \'. ~I
<br />,",,;,.c. :.:", . ,. . I
<br />{~; .;'.: (S'E. ;. t4 ) ~' ':..-, .
<br />~,.J : ~_., '~!~~_)- v, ~
<br />-7~- >r I 'm, (. "
<br />f ...l
<br />
<br />,",::1'(: r ,~~~~, t
<br />"',I'n~", (
<br />A,' .tt' e.s'f .:. . , ,', ': .."
<br />''', ' ,'~, ~.~ ~' : ""
<br />
<br />BY~~ ~
<br />
<br />Deanna J. kew, Secretary
<br />
<br />11. ThiS Note shall be governed in all respects by the laws of the State of Colorado.
<br />
<br />BORROWER: Lower South Platte Water Conservancy
<br />District, acting by and through the Lower South Platte
<br />Recharge Project Water Activity Enterprise
<br />
<br />
<br />By V..: ~_.
<br />/' Jim Aranci, President
<br />
<br />/
<br />
<br />Page 2 of 2
<br />
|