C150233 PIF Contract

• Contract/PO #: C150233
• Contractor Name: Tom Hill
• Contract Type: Loan
• County: Grand
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE
Date: January 12, 2007
Borrower. Tom C. Hill IMN
cow
Principal Amount: $ 862,540 JUG 7CR 2012
Interest Rate: 2.5% per annum
PUBL S E
Te rm of Repayment: 30 years GRAND COUNTY
Loan Contract No.: C150233, ary 7
Loan Payment: $ 41,214.13
Payment Initiation Date *:
Maturity Date *:
* Payment Initiation Date and Maturity Date fields are filled in after the project has been
substantially completed.
'I . FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board
C' CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN
CONTRACT 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 (the date the CWCB determines that the project
is substantially complete), and annually thereafter. All princio, interest, and late char, if
any, then remaining unpaid shall be due and payable on or before the Maturity Date.
3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street,
Room 721, Denver, Colorado 80203.
4. The CWCB may impose a laste 96 of the annual payrrnenrt if the CWCB
does not receive the annual 15 of the due date.
5. This Note may be prepaid in time without premium or penalty. Any
partial prepayment shall not ate 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 pimsant to the LOAN CONTRACT between the CWCB and the BORROWER.
The LOAN CONTRACT creates security interests in favor of the CWCB to secure the pronmA
pay w n, of aY amounts VW 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 can revees, neat property, water nigh andlor acmurfs of the BORROWER The
LOAN CONTRACT 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 annul payment is not paid when due or any default under the LOAN CONTRACT or the
Security Instruments securing this Note occurs, the CWCB may declare the entire outstandiing
Appendix 2 to Loan Contract C150233
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