C150157 contract docs

• Contract/PO #: C150157
• Contractor Name: Grand Mesa Reservoir Company
• Contract Type: Loan
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

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PROMISSORY NOTE
Date: December 15, 2003
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Borrower: The Grand Mesa Reservoir Company
Principal Amount: $181,800
Interest Rate: 2.40% per annum
Term of Repayment: 20 years
Loan Contract No.: C150157, dated December 15, 2003
Loan Payment: $11,552.04
Payment Initiation Date*: --�
Maturity Date*: ��
* Payment Initiation Date and aturity te fie s are fi in after the project has been
substantially completed.
'I . FOR VALUE RECEIVED, the B owER promises to pay the Colorado Water Conservation Board
("CWCB"), the Principal Amo t plus Interest for the Term of Repayment, pursuant to the LoAN
CoNTw4cT and this promissory note.
2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable one year from Payment Initiation Date and annually t �A�ll,,principal, interest,
and late charges, if any, then remaining unpaid shall be d ptlJ�� or before the
Maturity Date. �sE�
3. Payments shall be made to the Colorado Water Conservation �prd,a�1�a� Sherman Street,
Room 721, Denver, Colorado 80203. �v�r 1 ((
4. The CWCB may impose a late charge in the amount of 5 t a ment if the CWCB
does not receive the annual payment within 15 calendar �����$�E
5. 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.
6. All payments received shall be applied first to late charges, if any, next to accrued interest and
then to reduce the principal amount.
7. This Note is issued pursuant to the LoAtv CoNTw4CT between the CWCB and the BoRROwER.
The LoAN CoNTw�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 CotvT�cT and Security Instruments grant additional rights to the CWCB, including the
right to accelerate the maturity of this Note in certain events.
8. If any annual payment is not paid when due or any default under the LoAN CotvTwaCT or the
Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding
Appendix 2 to Loan Contract C150157