C150316 proj completion ltr

• Contract/PO #: C150316
• Contractor Name: Trinchera Irrigation Company
• Contract Type: Loan
• Water District: 35
• County: Costilla
• Loan Projects - Doc Type: Project Completion Letter

Date:
Borrower:
Principal Amount;
Interest Rate:
Term of Repayment:
Loan Contract No.:
PROMISSORY NOTE
March 21, 2011
Trinchera Irrigation Company
$251,793
2.75% per annum
30 years
C150316, dated March 21, 2011
Loan Payme�: $12,434.65
Payment Initiation Date*: �/ -� �� � � 2- ° 1 �
Maturity Date*: -,�tl ,� y/.� Z- O�/
* Payment Initiation Date and Maturity Date fields are filled in after the project has been
substantially completed.
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FOR VALUE RECEIVED, the BORROWER promises to pay tF� Cotorado Water Conservat� Boa�'d
("CWCB"), the Principal Amount plus Interest for the Term of Repaymer�t, pursuant to the LOAN
Corrrw�cT and this promissory note.
Principal and ir�terest shall be payable in equal Loan PaymeMs, with the first paym�M due and
payable one year from Paymertt Infiation Date (the date the CWCB determines that the project
is substar�tially complete), and annually thereafter. All principal, iMerest, and late charges, if
any, then remaining unpaid shall be due and payable on or before the Maturity Date.
Paymerrts shall be made to the Colorado Water Consen►ation Board at 1313 Shemnan Street,
Room 721, Denver, Colorado 80203.
The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB
does not receive the annual paymerrt within 15 calenda� days of the due date.
This Note may be prepaid in whole or in part at any time without premium or penalty. My
partial prepayment shall not postpo�e the due date of any subsequerrt paYments or change the
amount of such paymerrts.
All paymer�ts reoeived shall be applied flrst to late charges, if any, next to accrued interest and
then to reduce the prinapal amount.
This Note is issued pursuant to the LoAN Cotv'rt�cT between the CWCB and the BoRROwER.
The Lont� Co►�c7 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 Agreerr�errt(s), Deed(s) of Trust, a�d/or Assignmerit(s) ("Security Instrumer�ts") of
even date and amour�t and cover certain revenues, real property, water ri9hts and/or accounts
Of the BORROWER The Lo� Cor�rrwhcT and Security Instruments grant additional rights to the
CWCB, including the right to accelerate the maturity of this Note in certain events.
If any annual payment is not paid when due or any defauR under the LoEw Cor�►CT ar the
Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding
Appendix 2 to Loan Contract C150316
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