C150327 Contract - Laserfiche WebLink

Home Browse Search

AM NDMENT NO. 1 TO LOAN CONTRACT C150327 AMENDMENT TO THE PROMISSORY NOTE D te: February 12, 2014 Borrovyer: Big Elk Meadows Association, a Colorado nonprofit corporation Principal Amo4rnt: $272,700 Interest Rate: 0% interest for three year deferment period, followed by 4.50% per annum, for remaining 30 years Term of Repayment: 33 years Loan Contract No.: C150327 Loan Payment: $0 for three year deferment period, followed by 30 remaining payments of$16,741.47 Payment Initiation Dae*: February 1, 2013 Maturity Date*: February 1, 2046 * Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially completed. 1. 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 LOAN CONTRACT and this promissory note. 2. This Promissory Note replaces and supersedes the Promissory Note dated January 14, 2012, in the principal amount of$272,700. 3. Principal and interest shall be payable in equal Loan Payments, with the first payment due and payable four years from Payment Initiation Date, February 1, 2017 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. Appendix 2A to Amendment No. 1 Loan Contract C150327 Page 1 of 2