C150115 Letter of Substaintial Completion

• Contract/PO #: C150115
• Contractor Name: Riverside Ditch and Allen Extension Company, The
• Contract Type: Loan
• Water District: 11
• County: Chaffee
• Bill Number: MC3
• Loan Projects - Doc Type: Project Completion Letter

Date:

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

PROMISSORY NOTE

December 1, 2002
The Riverside Ditch and Allen Extension Company
$ 50,000
2,75% per annum
30 years
C150115, dated December 1, 2002

Loan Payment: $2,469.22
Payment lriitiation Date ': :A\.,4,J~~:t / ) ::z co 3
Maturity Date': A l,<~lLdj- J . ;2,,;;. r
~
. These two fields are filled in after the project has been substantially completed

1, FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board
("CWCS"), 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 the CWCB determines that the project is substantially complete (Payment
Initiation Date), 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 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.

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 CWCB and the BORROWER. The
LOAN CONTRACT 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 of even date- and amount and cover certain revenues, real property,
water rights and/or accounts of the BORROWER. The LOAN CONTRACT, Security Agreement, and Deed
of Trust grant additional rights to the CWCB, including the right to accelerate the maturity of this Note in
certain events,

Appendix 2 to Loan Contract C150115