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<br />"'-:.-....\ <br /> <br />.;. <br /><. <br /> <br />Promissory Note <br /> <br /> <br />Date ce4A.JY 17,2000 Date of Completion fJ14~bh 80,2dO/ <br /> <br />1. For Value Received, The Model Land & Irrigation Company ("BORROWER"), a Colorado corporation, promises to pay the <br />State of Colorado Water Conservation Board ("STATE"), the principal sum of $335,000 plus interest at the rate of 3.75 percent <br />per annum for a term of thirty years, pursuant to Loan Contract No. C150012 ("LOAN CONTRACT"). <br /> <br />2. The first payment of $18,789.35 shall be due one year from the date that the State determines that the project is substantially <br />complete, and annually thereafter until the entire principal sum, all accrued interest, and all late charges, if any, shall have <br />been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman Street, Room <br />721, Denver, Colorado 80203. <br /> <br />4. If the STATE does not receive the annual payment within 15 calendar days of the due cate, the State may impose a late <br />charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall not <br />postpone the due date of any subsequent payments 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 interest and then to reduce the principal <br />amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT creates <br />security interests in favor of the STATE to secure the prompt payment of all amounts that may become due hereunder. The <br />security interests, evidenced by a Security Agreement, an Assignment of Deposit Account as Security, and a Deed of Trust <br />cover certain revenues and real property of the BORROWER. The LOAN CONTRACT, Security Agreement, Assignment, and <br />Deed of Trust grant additional rights to the STATE, including the right to accelerate the maturity of this Note in certain events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Agreement, Assignment, <br />or Deed of Trust securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, all <br />accrued interest, and any outstanding late charges immediately due and payable, and the indebtedness shall bear interest at <br />the rate of 7% per annum from the date of default. The STATE shall give the BORROWER written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER shall be considered in <br />default for purposes of this Promissory Note, <br /> <br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily liable for <br />the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid when due or if <br />suit is brought, then it shall pay all reasonable costs of collection, including reasonable attorney fees. In the event of any <br />bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees incurred in connection wit'1 <br />such proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other committees. <br /> <br />1 O. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />(SEAL) <br /> <br /> <br />By <br /> <br /> <br />B <br /> <br />Appendix B to Loan Contract C150012 <br /> <br />6V~~~~ <br />(.~~ '#, ~~ 1Jee ( <br />~' ~~ ()/ <br />v~ ~~:\jj; / <br />-c-r..;-- ' <br />\.- <br />