Laserfiche WebLink
PROMISSORY NOTE <br />Date: July 16, 2010 <br />Borrower: Lower Poudre Augmentation Company <br />Principal Amount: $3,560,333 <br />Interest Rate: 2.5% per annum <br />Term of Repayment: 30 years <br />Loan Contract No.: C150245, dated July 24, 2007 <br />Loan Payment: $170,104.31 <br />Payment Initiation Date*: �lo ve.v�-%�- /, �. r� // <br />Maturity Date*: j9/vv�-�d ��- / ,,_z v � / <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 <br />Conservation Board ("CWCB"), the Principal Amount plus Interest for the Term of <br />Repayment, pursuant to the LoaN CoNTRacT and this promissory note. <br />2. This Promissory Note replaces and supersedes the Promissory Note dated July 24, <br />2007, in the principal amount of $3,104,053. <br />3. Principal and interest shall be payable in equal Loan Payments, with the first payment <br />due and payable one year from Payment Initiation Date and annually thereafter. All <br />principal, interest, and late charges, if any, then remaining unpaid shall be due and <br />payable on or before the Maturity Date. <br />4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br />5. The CWCB may impose a late charge in the amount of 5% of the annual payment if <br />the CWCB does not receive the annual payment within 15 calendar days of the due <br />date. <br />6. This Note may be prepaid in whole or in part at any time without premium or penalty. <br />Any partial prepayment shall not postpone the due date of any subsequent payments <br />or change the amount of such payments. <br />7. All payments received shall be applied first to late charges, if any, next to accrued <br />interest and then to reduce the principal amount. <br />8. This Note is issued pursuant to the LoaN CoNTr�acT between the CWCB and the <br />BoRROwER. The LoArv CoNTRa,cT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said <br />Appendix B to Loan Contract C150245 <br />