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C150205 Contract
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C150205 Contract
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Last modified
3/7/2013 3:39:02 PM
Creation date
7/3/2007 1:22:36 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150205
Contractor Name
Veits Pipeline Company
Contract Type
Loan
Water District
34
County
Montezuma
Loan Projects - Doc Type
Contract Documents
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PROMiSSORY NOTE <br />Date: December 20, 20Q5 <br />Borrower: Number Six Ditch Company <br />Prinapal Amount: $688,942 <br />Interest Rate: 2.50% per annum <br />TeRn of Repayment: 30 years <br />Loan Contract No.: C150205, dated December 20, 2005 <br />Loan Payment: $32,916.02 <br />...,+w*�"` <br />Payment Inifiation Date*: <br />Maturity D *: <br />* Payment Initiation e nd Matun fields are filled in after the project has been <br />substantialiy completed. <br />1. FOR VALUE RECEIVED the BoRROw�R promises #o pay the Cotorado Water Consenration <br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, <br />pursuant to the LoAN Corvr�cr and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payrr�nt <br />due and payable one year from Payment Initiation Date (the date the CWCB determines <br />that the project is substantially complete), and annually thereafter. All principal, interest, <br />and late charges, if any, then remaining unpaid sha11 be due and payable on or before <br />the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments ar <br />change the amount of such payments. <br />6. AA payments r�ec:eived shall be applied first to late charges, if any, ne�ct to accrued <br />interest and then to reduae the prinapal amount. <br />7. This NOt6 IS ISSU@d pUl'SUaf1t t0 �Il@ LOAN CONTRACT between the CWCB and the <br />BORROWER The LoAN CoNrr�cT creates security interests in favor of the CWCB to <br />secure the prompt payment o# all amoun#s that may become due hereunder. Said <br />security interests are evidenced by a Security Agreement and Deed of Trust ("Security <br />Instruments") af even date and amount and cover certain revenues and real property, <br />water rights and/or accounts of the BORROWER. Th@ LOAN CONTRACT atld S@CU�I�/ <br />Instruments grant additional rights to the CWCB, including the right to accelerate the <br />Appendix 2 to Loan Contract C150205 <br />Page 1 of 2 <br />
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