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<br />\ <br /> <br />f <br />j <br />~. <br /> <br />~' <br /> <br />Promissory Note <br /> <br />Date Fe8/fUAAl-(.1. ,2001. Date of Completion m ti 'j /; 2. C? 0 I <br /> <br />1. FOR VALUE RECEIVED, the Woodchuck Ditch Company ("BORROWER") promises to pay the <br />State of Colorado Water Conservation Board ("STATE"), the principal sum of Thirty <br />Thousand Dollars ($30,000) plus interest at the rate oif 3.75% per annum for a term of <br />twenty (20) years, pursuant to Loan Contract No. C150041 ("LOAN CONTRACT"). <br /> <br />2. . Principal and interest shall be payable in equal installments of $2,158.86, with the first <br />payment due and payable one year from the date that the State determines th.at ~he prC?iect <br />is substantially complete, and annually thereafter until all principal, interest, and all late <br />charges, if any, have been paid in full. All principal, interest, and late charges, if any, then <br />remaining unpaid shall be due and payable twenty (20) years thereafter. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to <br />1313 Sherman Street, Room 721, Denver, Colorado 80203. <br /> <br />4. If the STATE does not receive the annual payment within 15 calendar days of the due date, <br />the State may impose a late 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 <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such payments. <br /> <br />, <br /> <br />6. ,1\11 payments received shall be applied first to late charges, if any, nax~ to a':'-.;;uciu ;l1terest <br />and then to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the STATE to secure the prompt <br />payment of all amounts that may become due hereunder. The security interests, evidenced . <br />by a Security Agreement, a Deed of Trust, and Assignment of Certificate of Deposit, cove' <br />certain revenues and accounts and real property of the BORROWER. The LOAN CONTRAC'., <br />Security Agreement, Deed of Trust and Assignment grant additional rights to the STATE, <br />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 l1e <br />Security Agreement or Deed of Trust or Assignment securing this Note occurs, the ST, TE <br />may declare the entire outstanding principal balance of the Note, all accrued interest, end <br />any outstanding late charges immediately due and payable, and the indebtedness sh'lll <br />bear interest at the rate of 7% per annum from the date of default. The STATE shall give the <br />BORROWER written notice of any alleged default and an opportunity to cure within thir',' <br />(30) days of receipt of such notice before the BORROWER shall be considered in default fOI <br />purposes of this Promissory Note. <br /> <br />Appendix 2 to Loan Contract C150'041 <br />