C150058A PIF Contract - Laserfiche WebLink

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Promissory Note Date December 10, 2002 nitiation te 1. FOR VALUE RECEIVED, t D lores W er Co ervanc District, a ting y and through the Dolores Water Conserv District ter ctivity rprise ( ROWER") promises to pay the State of Colorado ater Conservation Board ("CWCB"), the principal sum of Five Million Four Hundred Sixty One Thousand Two Hundred Doliars ($5,461,200) plus interest at the rate of three and one-half percent (3.5%) per annum for a term of thirty (30) years, pursuant to Loan Contract No. C150058 dated December 10, 2002 ("LOAN CONTRACT"). 2. Principal and interest shall be payable in equal installments of $296,932.72, with the first payment due and payable one year from the date that the CWCB determines that the project is substantially complete ("Initiation Date"), and annually thereafter until all principal, interest, and late charges, if any, have id in full, with all such principal, interest, and late charges, required to be paid '.t ars after the Ini#iation Date. 3. Payments shall be made payabl o the Colo ater Conservation Board and mailed to 1313 Sherman Street, Room , ~(C~ r 0203. 4. If the CWCB does not receiv n al payment within 15 calendar days of the due date, the CWCB may impose a late charge in the amount of 5% of the annual payment. 5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shail 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 CotvT~cT creates a security interest in favor of the CWCB to secure the prompt payment of all amounts that may become due hereunder. The security interest, evidenced by a Security Agreement and an Assignment of even date and amount, covers a certain account of the BORROWER. The LOAN CONTRACT, Security Agreement, and Assignment grant additionai 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 CoNTRa,cT, Security Agreement, or Assignment securing this Note occurs, the CWCB may declare the entire outstanding principal balance of the Note, all accrued interest, and any outstanding late charges immediately due and payable, and the indebtedness shall bear interest at the ~ate of 7% per annum from the date of default. The CWCB shall give the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BoRROwER shall be considered in default for purposes of this Promissory Note. 9. The BORROwER, any guarantor, and any other person who is now or may hereafter become Appendix 2 to Loan Contract No. C'! 50058