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<br />in all respects by the laws of the State of Colorado.
<br />JUN S 1010
<br />�'�OIVIISSO�RY NOT� � �
<br />Date � �h�11 /�p /�9� Date of First Loan Disbursement / �9 j�
<br />1. fOS VALU� ft�CE[Y�D, the Chatfield South District (" BORROWER "), a quasi-municipal corporation, promises
<br />to pay the State of Colorado Water Conservation Board (" the principal sum of Five Hundred
<br />Thousand Dollars ($500,000) plus interest at the rate of four and three-quarters percent (4.75%) per annum
<br />for a term of twenty (20) years, pursuant to Loan Contract No. C153837 ("LoAN Conn�wacr').
<br />2. The first payment of $39,275.23 shall be due one year from the date that the STaTe first disburses loan
<br />funds to the BoRROweR, and annually thereafter until the entire principal sum, all accrued interest, and all
<br />late charges, if any, shall have been paid in full.
<br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman
<br />Street, Room 721, Denver, Colorado 80203.
<br />4. If the ST,arE does not receive the annual payment within 15 calendar days of the due date, the STaTE may
<br />impose a penalty charge in the amount of 5% of the annual payment.
<br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial
<br />prepayment shall not postpone the due date of any subsequent payments or change the amount of such
<br />payments.
<br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and then to
<br />reduce the principal amount.
<br />7. This Note is issued pursuant to the LoAN C the STAre and the BoRROwER. The LoAw
<br />CoNTw�cT creates security interests in favor o cure the prompt payment of all amounts that
<br />may become due hereunder. The securiiy i s s, eviden Security Agreement and a Deed of
<br />Trust, cover certain -revenues, real property a g t f ORROWER. Th@ LOAN CONTRACT
<br />Security Agreement and Deed of Trust g 'tio ri ATE including the right to accelerate
<br />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 CoNTFtacT, Security Agreement
<br />or Deed of Trust securing this Note occurs, the ST,arE may declare the entire outstanding principal balance
<br />of the Note, all accrued interest, and any outstanding late charges immediately due and payable, as
<br />permitted by law, and the indebtedness shall bear interest at the rate of 9.5% per annum from the date of
<br />default. The ST,arE shall give written notice to the Borrower, with a copy to the Denver Water Department,
<br />Attn: Legal Division, 1600 West 12�' Avenue, Denver, Colorado 80254, of any alleged default and an
<br />opportunity to cure within thirty (30) days of receipt of such notice before the BoRROwER shall be
<br />considered in default for purposes of this Promissory Note.
<br />9. The BoRROVVER, any guarantor, and any other person who is now or may hereafter become primarily or
<br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or
<br />interest thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection,
<br />including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of
<br />coltection shall include all costs and attomey fees incurred in connection with such proceedings, including
<br />the fees of counsel for attendance at meetings of creditors' committees or other committees.
<br />10. This Note
<br />Attest:
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<br />Thomas R. Barbour, Secretary
<br />BoRROtrvER: Chatfield South Water District, a quasi-
<br />municipal corporation
<br />By �
<br />Joseph E. Rottman, President
<br />Appendix B to Loan Contract C153837
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