C150155 Letter of Substaintial Completion

• Contract/PO #: C150155
• Contractor Name: Rio Grande and Piedra Valley Ditch Company
• Contract Type: Loan
• Water District: 20
• County: Rio Grande
• Bill Number: SPL
• Loan Projects - Doc Type: Project Completion Letter

Date:
Sorrower:
Principal Amount:
Interest Rate:
Term of Repayment:
Loan Contract No.:

'\

PROMISSORY NOTE

November 1, 2003
The Rio Grande and Piedra Valley Ditch Company
$52,520
2,50% per annum
30 years
C150155, dated November 1, 2003

$2,509.28
yJ1c~y I I 2. O()~
Maturity Date': 111 '" 'f / ) '2 t) ~ y
. These two fields are filled in after the project has been substantially completed.

Loan Payment:
Payment Initiation Date":

1. FOR VALUE RECEIVED, the SORROWER promises to pay the Colorado Water Conservation
Soard ("CWCS"), the Principal Amount plus Interest for the Term of Repayment, pursuant to
the LOAN CONTRACT and this Promissory Note. .

2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable one year from the date the CWCS determines that the project is substantially
complete (Payment Initiation Date), and annually thereafter until all principal, interest, and late
charges, if any, have been paid in full, with all such principal, Interest; and late charges,
required to be paid on or before the Maturity Date.

3. Payments shall be made to the Colorado Water Conservation Soard at 1313 Sherman Street,
Room 721, Denver, Colorado 80203.

4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the
CWCB does not receive the annual payment within 15 calendar days of the due date.

5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any
partial prepayment shall not postpone the due date of any subsequent payments or change
the amount of such payments.

6. All payments received shall be applied first to late charges, if any, next to accrued interest and
then to reduce the principal amount.

7. This Note is issued pursuant to the LOAN CONTRACT between the cwes and the BORROWER.
The LOAN CONTRACT creates security interests in fa\(or of the CWCB to secure the prompt
payment of all amounts that may beCome due hereunder. Said security interests are
evidenced by a Security Agreement{s), Deed{s) of Trust, and/or Assignment(s) of even date
and amount and cover certain revenues, real property, water rights and/or accounts of the
SORROWER. The LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment
grant additional rights to the CWCS, including the right to accelerate the maturity of this Note
in certain events.

Appendix 2 to Loan Contract C150155