C150233 PIF Contract - Laserfiche WebLink

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a i PROMISSORY NOTE Date: June 25, 2010 Borrower: Tom C. Hill Principal Amount: $862,540 Interest Rate: 2.0% per annum Term of Repayment: 11 years Loan Contract No.: C150233, dated January 12, 2007, and amended May 30, 2008 and June 25, 2010 Loan Payment: $96,023.58 Payment Initiation Date *: May 1 2009 Maturity Date *: Mav 1 2020 * Payment Initiation Date and Maturity Date fields ar r e project has been substantially completed. VIk 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 12, 2007, and amended May 30, 2008, in the principal amount of $862,540. 3. 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 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 i the amount of 5% of the annual payment if the CWCB does not recei pay nt within 15 calendar days of the due date. _.,c*[ �_ � 6. This Note may be prepatspayments. ' AoJrU#f at any time without premium or penalty. Any partial prepayment pone the due date of any subsequent payments or change the amount o 7. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount. 8. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to Appendix 1 to Loan Contract C150233 Amendment No. 2