Laserfiche WebLink
PROMISSORY NOTE <br />Date: December 15, 2009 <br />Borrower: South Side Reservoir Company <br />Principal Amount: $161,217.05 <br />Interest Rate: <br />Term of Repayment: <br />Loan Contract No.: <br />3.1 % per annum <br />30 years <br />C 150130, dated March 1, 2003 <br />Loan Payment: $8,331.85 <br />Payment Initiation Date: July 1, 2009 <br />Maturity Date: July 1, 2039 <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 <br />of Repayment, pursuant to the LoAN CoNrRaCT and this promissory note. <br />2. This Promissory Note replaces and supersedes the Promissory Note dated <br />March 1, 2003, in the principal amount of $363,300. <br />3. Principal and interest shall be payable in equal Loan Payments, with the first <br />payment due and payable one year from Payment Initiation, and annually <br />thereafter. All principal, interest, and late charges, if any, then remaining unpaid <br />shall be due and payable on or before the Maturity Date. <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br />5. The CWCB may impose a late charge in the amount of 5% of the annual <br />payment if the CWCB does not receive the annual payment within 15 calendar <br />days of the due date. <br />6. This Note may be prepaid in whole or in part at any time without premium or <br />penalty. Any partial prepayment shall not postpone the due date of any <br />subsequent payments or change the amount of such payments. <br />7. 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 />8. This Note is issued pursuant to the LoaN CoNTRacT between the CWCB and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the <br />CWCB to secure the prompt payment of all amounts that may become due <br />hereunder. Said security interests are evidenced by a Security Agreement and <br />Deed of Trust ("Security Instruments") of even date and amount and cover <br />certain revenues, real property, water rights and/or accounts of the BoRROwER. <br />Appendix A to Loan Contract C150130 Amendment No.1 <br />Page 1 of 2 <br />