C153723 PIF Contract - Laserfiche WebLink

Home Browse Search

PROMISSORY NOTE Date: May 1, 2005 Borrower: Orchard Mesa Irrigation District acting by and through the Mutual Mesa Lateral Enterprise Principal Amount: $469,813.04 Interest Rate: 4.0% per annum Term of Repayment: 30 years Loan Contract No.: C153723, dated December 2, 1996, amended May 1, 2005 Loan Payment: $27,169.33 Payment Initiation Date: May 1, 1997 Maturity Date *: May 1, 202 1. FOR VALUE RECEIVED, the BO romi t F the Colorado Water Conservation Board ( "CWCB "), t rinc' lus Interest for the Term of Repayment, pursuant to the LOAN d this promissory note. 2. This Promissory Note replace edes Paragraph A.9, the Promissory Note Provisions, of the Loan Co t dated December 2, 1996, in the principal amount of $810,000, and the CWCB hereby acknowledges that the BORROWER has made all payments as scheduled since May 1, 1998. 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 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. 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 Appendix 1 to C153723 Amendment No. 1 Page 1 of 2