C150270 contract docs - Laserfiche WebLink

Home Browse Search

PROMISSORY NOTE Date: December 1, 2009 Borrower: Headgate 135 Lateral, Inc. Principal Amount: Interesf Rate: Term of Repayment: Loan Contract No.: Loan Payment: Payment Initiation Date: $92,061.99 3.5% per annum 30 years C150270, dated September 15, 2008 $5,005.53 October 1, 2009 Maturity Date: November 1, 2039 FoR VALUE RECEIVED the BORROWER promises to pay the Colorado Water Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LonN CoNTr�acT and this promissory note. 2. This Promissory Note replaces and supersedes the Promissory Note dated September 15, 2008, in the principal amount of $262,600. 3. Principal and interest shall be payable in equal Loan Payments, with the first payment due and payable one year from Payment Initiation, and annually thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall be due and payable on or before the Maturity Date. 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, Denver, Colorado 80203. 5. 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. 6. 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. 7. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount. 8. This Note is issued pursuant to the LoArv Co►vTw4cT between the CWCB and the BoRROwER. The Loarv CoNTt�cT 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 ("Security Instruments") of even date and amount and cover certain revenues, real property, water rights and/or accounts of the BoRROwER. The LoAN CorvTRacT and Security Instruments grant additional rights to the CWCB, including the right to accelerate the Appendix A to Loan Contract C150270 Amendment No. 1 Page 1 of 2