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� <br />Date: <br />Borrower: <br />Principal Amount: <br />interest Rate: <br />Term of Repayment: <br />Loan Contract No.: <br />Loan Payment: <br />Payment Initiation Date*: <br />Maturity Date*: <br />❑ <br />PROMISSORY NOTE. <br />August 1, 2004 <br />3T Cattle Company, Inc. pypsedd�t^� <br />� <br />$ 231,795 � �e R� <br />2.50°/a per annum yP � u ,r� p►ic. =�y� <br />30 years V <br />C150175, dated August 1, 2004 <br />$11,074.62 <br />�a.n�.�ecry� �p <br />.J a,. �. H..� 2.. a �.S <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br />"I . FOR VALUE RECEIVED, the BORROWER the Colorado Water Conservation Board <br />("CWCB"), the Principal Amount plus erm of Repayment, pursuant to the LoArv <br />CoNTRa,cT and this promissory note. <br />2. Principal and interest shall be p� in L a���nts, with the first payment due and <br />payable one year from Paymen <br />t"lni iation ate e date the CWCB determines that the project <br />is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br />any, then remaining unpaid shall be due and payable on or before the Maturity Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />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 CWCB <br />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. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change the <br />amount of such payments. <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br />7. This Note is issued pursuant to the LoAN CO►vTw�,cT between the CWCB and the BoRROwER. <br />The Loa,N CoNTRacT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are evidenced <br />by a Deed of Trust ("Security Instruments") of even date and amount and cover certain water <br />rights of the BoRROwER. The LoArv CotvTt�cT and Security Instruments grant additional rights <br />to the CWCB, including the right to accelerate the maturity of this Note in certain events. <br />8. If any annual payment is not paid when due or any default under the LoAN CotvTw4CT or the <br />Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding <br />Appendix 2 to Loan Contract C150175 <br />