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PROMISSORY NOTE <br /> Date: November 2, 2012 <br /> Borrower: Eckhardt Farms, Inc. <br /> Principal Amount: $ 1,336,230 <br /> Interest Rate: 1.75% per annum <br /> Term of Repayment: 30 years <br /> Loan Contract No.: C150338, dated <br /> Loan Payment: $ 57,631.27 per annum <br /> Payment Initiation Date*: ,3 _,{)-Vf JOfs, I 15 <br /> Maturity Date*: J F �f� ' Sr- I 1 c <br /> * Payment Initiation Date and Maturity Date fields are filled in after the PROJECT has been <br /> substantially completed. <br /> 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation <br /> Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, <br /> pursuant to the LOAN CONTRACT between BORROWER and CWCB and this PROMISSORY <br /> NOTE. <br /> 2. Principal and interest shall be payable in equal LOAN PAYMENTS, with the first payment <br /> due and payable one year from Payment Initiation Date and annually thereafter. All <br /> principal, interest, and late charges, if any, then remaining unpaid shall be due and <br /> payable on or before the Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman <br /> Street, Room 721, Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br /> CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> 5. This PROMISSORY NOTE may be prepaid in whole or in part at any time without premium <br /> or penalty. Any partial prepayment shall not postpone the due date of any subsequent <br /> payments or change the amount of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued <br /> interest and then to reduce the principal amount. <br /> 7. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB <br /> and the BORROWER. The LOAN CONTRACT creates security interests in favor of the <br /> CWCB to secure the prompt payment of all amounts that may become due hereunder. <br /> Said security interests are evidenced by a SECURITY AGREEMENT AND DEED OF TRUST <br /> ("SECURITY INSTRUMENTS") of even date and amount and cover certain revenues, real <br /> property, water rights and/or accounts of the BORROWER. The LOAN CONTRACT and <br /> SECURITY INSTRUMENTS grant additional rights to the CWCB, including the right to <br /> Appendix 2 to Loan Contract C150338 <br /> Page 1 of 2 <br />