C150222 PIF Contract

• Contract/PO #: C150222
• Contractor Name: Orchard Mesa Irrigation District
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE
Date: August 22, 2006
Borrower:
Orchard Mesa Irrigation District
Principal Amount:
$545,400
Interest Rate:
2.5% per annum
Term of Repayment:
30 years
Loan Contract No.:
C150222, dated August 22, 2006
Loan Payment:
$26,057.93
Payment Initiation Date *:
(�c'7�c �e_r Z cop
Maturity Date *:
Z oaf
* 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. Principal and interest shall be payable in equal L
payable one year from Payment Initiation DA
project is substantially complete), and annu
charges, if any, then remaining unpaid s
Date.
3. Payments shall be made to the Colorado Water
Room 721, Denver, Colorado 80203. OA
'th the first payment due and
r CWCB determines that the
II principal, interest, and late
able on or before the Maturity
on Board at 1313 Sherman Street,
4. The CWCB may impose a late charge in theiount of 5% of the annual payment if the
CWCB does not receive the annual payment within 15 calendar days of the due date.
5. 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.
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 pursuant to the LOAN CONTRACT between the CWCB and the BORROWER.
The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt
payment of all amounts that may become due hereunder. Said security interests are
evidenced by a Security Agreement(s) and /or Assignment(s) ( "Security Instruments ") of even
date and amount and cover certain revenues, real property, water rights and /or accounts of
Appendix 2 to Loan Contract C150222
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