PROJC01052 ‎(2)‎

• Contract/PO #: C150091
• Contractor Name: Silver Springs Trout Farm, Inc. & Daniel A. & Jacqueline P. Sherwood Trust
• Contract Type: Loan
• Water District: 41
• County: Mesa
• Bill Number: HB 02-1152
• Loan Projects - Doc Type: Project Completion Letter

Date:

Borrower:

Principal Amount:
Interest Rate:
Term of Repayment:
Loan Contract No. :

Loan Payment:
Date of Completion:

PROMISSORY NOTE

August 1, 2002

Silver Springs Trout Farm, Inc. and Daniel A. and Jacqueline
Sherwood Trust UfA DTD 1216/95, jointly and severally
13221 Marine Road
Montrose, CO 81401

$ 365,000

2.5% per annum

15 years

C150091, dated August 1, 2002

$29,479.76

N fjJJ~_J.~ I I 4 ,,,> 2-

Maturity Date: 1I//).Ia_J,.-~ I, 2."/7

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 CONTRACT.

2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable one year from the Date of Completion, which is the date the CWCB determines that
the project is substantially complete, and annually thereafter until all principal, interest, and
late charges, if any, have been paid in full, with all such principal, interest, and late charges,
required to be paid on or before the Maturity Date. .

3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street,
Room 721, Denver, Colorado 80203.

4. The eWCB may impose a late charge in the amount oL5% of the annual payment if the
eWCB does not receive the annual payment within 15 calendar days of the due date.

5. 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.

6. All payments received shall be applied first to late charges, if any, next to accrued interest and
then to reduce the principal amount.

7. This Note is issued pursuant to the LOAN CONTRACT between the eWCB and the BORROWER.
The LOAN CONTRACT creates security interests in favor of the eWCB to secure the prompt
payment of all amounts that may become due hereunder. Said security interests are
evidenced by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) of even date
and amount and cover certain revenues, real property, water rights andfor accounts of. the
BORROWER. The LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment
grant additional rights to the CWCB, including the right to accelerate the maturity of this Note
in certain events.

8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the .
Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCB may

Appendix 2 to Loan Contract C15091