C150207 Contract & Amend 1

• Contract/PO #: C150207
• Contractor Name: East Mancos Highline Ditch Company
• Contract Type: Loan
• Water District: 0
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE
Date:
Borrower:
Principal Amount:
I nterest Rate:
April 19, 2010
East Mancos Highline Ditch Company
$223,404.53
2.50% per annum
Term of Repayment: 30 years
Loan Contract No.: C150207, dated February 15, 2007
Loan Payment: $10,673.74
Payment Initiation Date: November 1, 2009
Maturity Date: November 1, 2039
1. FoR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water
Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of
Repayment, pursuant to the LoaN CoNTwqcT and this promissory note.
2. This Promissory Note replaces and supersedes the Promissory Note dated February
15, 2007, in the principal amount of $904,000.
3. Principal and interest shall be payable in equal Loan Payments, with the first payment
due and payable one year from Payment Initiation, and annually thereafter. All
principal, interest, and late charges, if any, then remaining unpaid shall be due and
payable on or before the Maturity Date.
4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman
Street, Room 721, Denver, Colorado 80203.
5. 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.
6. 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.
7. All payments received shall be applied first to late charges, if any, next to accrued
interest and then to reduce the principal amount.
8. This Note is issued pursuant to the Loarv CorvTRacr between the CWCB and the
BoRROwER. The LoAN CoNTwo,cT creates security interests in favor 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 and Deed of Trust ("Security
Instruments") of even date and amount and cover certain revenues, real property,
water rights and/or accounts of the BoRROwER.' The LoAN CorvTRacT and Security
Instruments grant additional rights to the CWCB, including the right to accelerate the
Appendix A to Loan Contract C150207 Amendment No. 1
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