Laserfiche WebLink
� <br />� <br />PROMISSORY NOTE <br />Date: June 18, 2007 <br />BOITOWe�: BULL CREEK RESERVOIR CANAL 8� POWER COMPANY <br />Principal Amount: $1,212,000 <br />Interest Rate: 2.50% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150240, dated June 18, 2007 <br />Loan Payment: $57,906.50 <br />Payment Initiation Date*: <br />Maturity Date*: <br />* Payment Initiation Date and Maturity Date fields are filled in after the project has been <br />substantially completed. <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board <br />("CWCB"), the Principal Amount plus Interest for the Term of Repayment, p ant to the LoAN <br />Cowrttacr and this promissory note. <br />2. Principal and interest shall be payable in equal Loan Paymen with the fi pay ent due and <br />payable one year from Payment Initiation Da date the C CB dete at the project <br />is substantially complete), and annually th eafter. II princip interest, and late charges, if <br />any, then remaining unpa' ha due an ab n or bef e the Maturity Date. <br />3. Payments shall be made to olorado Wa onservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 03. <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br />dces not receive the annual payment within 15 calendar days qf the due date. <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partiaf 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 CoNTRACT between the CWCB and the BORROVVER. <br />The LoAN Co�rr�cT 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 Security Agreement and certain documeMs (°Security Instruments") executed by the <br />shareholders of the Company and cover certain revenues, real property, water rights and/or <br />accounts of the BoRROwER. The LoAw Corrrwacr and Security Instruments grant additional <br />rights 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 defaun under the LoAN CoNTw4cT or the <br />Security Instrumerrts securing this Note occurs, the CWCB may declare the entire outstanding <br />Appendix 2 to Loan Contract C150240 <br />Page 1 of 2 <br />