PROJ01948 ‎(3)‎

• Contract/PO #: C153794
• Contractor Name: Colorado Water Protective and Development Association
• Contract Type: Loan
• Water District: 0
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE.

Principal Amount:
Term:
Loan Contract:

$60,000
10 Years
#C153794

Interest Rate:
Loan Payment:
Date:

4%
$7,397.46
,1997

" 5.

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1. lFOR" ALUE RECEIVED, the Colorado Water Protective and Development Association ("BORROWER")
promises to pay the State of Colorado Water Conservation Board ("STATE"), the principal su~ of $60,000.00 with
annual payments of $7,397.46, based on the interest rate of 4% per annum on the outstanding principal balance
l:or a term of 10 years, or until paid in full, pursuant to Loan Contract #C153794 ("LOAN CONTR~CT").
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2. The first payment shall be due one year from the date the STATE determines that the STUDY described in the LOAN
CONTRACT has been substantially completed, and annually thereafter until the entire prihcipal sum and any
accrued -interest shall have been paid in full.' . I

3. All payments received shall be applied first to accrued interest and then to the retirem~nt of the principal.
Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1~13 Sherman Street,
Room 721, Denver, Colorado 80203. I

4. This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments applied
first to any accrued interest and then to reduce the principal amount. Any partial prepayme~t shall not postpone
the due date of any subsequent payments or change the amount of such payments. I

This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. fhe LOAN CONTRACT
Greates security interests in favor of the STATE to secure the prompt payment of all amounts which may become
due hereunder. The security interests, evidenced by a security agreement and assignrhents, cover certain
revenues and accounts of the BORROWER. The LOAN CONTRACT, security agreement artd assignment grant
additional rights to the STATE, including the right to accelerate the maturity of this Note in cert~in events.

6. If any payment of principal or interest is not paid promptly when due or any default under thl LOAN CONTRACT or
the security agreement or assignments securing this Note occurs, the STATE may declare t~e entire outstanding
principal balance of the Note, and all accrued interest, immediately due and. payable, witho~t notice or demand,
and the indebtedness shall bear interest at the rate of 15% per annum from the date of default.

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7. The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter become primarily or
l.econdarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest
thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including
reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include
all costs and attorney fees incurred in connection with such proceedings, including the fees of counsel for
attendance at meetings of creditors' committees or other committees.

8. This Note shall be governed in all respects by the laws of the State of Colorado.

BORROWER: Colorado Water Protective and
Development Association, a Color~do nonprofit
corporation

By

Wesley Eck, President

Attest (SEAL):
By

Joe Kelly, Secretary

Appendix C to Loan Contract #C153794