Laserfiche WebLink
Promissory Note <br />Date /�L , 2000 Date of Substantial Completion <br />1. For Value Received, the Ute Water Activity Enterprise ("BORROWER ") promises to pay the State of <br />Colorado Water Conservation Board ( "STATE "), the principal sum of $10,137,500 plus interest at the rate of <br />4.936% percent per annum for a term of thirty (30) years, pursuant to Loan Contract No. C153670B ("LOAN <br />CONTRACT"). <br />2. The first payment of $654,655.68 shall be due on July 1 following the date that the State determines that the <br />project is substantially complete, and annually thereafter until the entire principal sum, all accrued interest, <br />and all late charges, if any, shall have been paid in full. <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br />4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may <br />impose a late charge in the amount of 5% of the annual payment. <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial <br />prepayment shall not postpone the due date of any subsequent payments or change the amount of such <br />payments. <br />6. All payments received shall be appli t to late charges, if any, next to accrued interest and then to <br />reduce the principal amount. <br />7. This Note is issued pursuant t tt 'b o��' COpr:�?�etween the STATE and the BORROWER. The LOAN <br />CONTRACT creates security i ter favoE to secure the prompt payment of all amounts that <br />may become due hereunder' Tf�e se t evidenced by a Security Agreement, cover certain <br />revenues and accounts of t `kBos e LOAN CONTRACT and the Security Agreement grant <br />additional rights to the STATE, incluOng'*� ght to accelerate the maturity of this Note in certain events. <br />�,, <br />8. If any annual payment is no- ia� mien due or any default under the LOAN CONTRACT or the Security <br />Agreement securing this Note $ ' ' ' , the STATE may declare the entire outstanding principal balance of the <br />Note, all accrued interest, and' any outstanding late charges immediately due and payable, and the <br />indebtedness shall bear interest at the rate of 7% per annum from the date of default. The STATE shall give <br />the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) days of <br />receipt of such notice before the BORROWER shall be considered in default for purposes of this <br />Promissory Note. <br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or <br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest <br />thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of collection, including <br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall <br />include all costs and attorney fees incurred in connection with such proceedings, including the fees of <br />counsel for attendance at meetings of creditors' committees or other committees. <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br />BORROWER: Ute Water Activity Enterprise <br />(SEAL) <br />By <br />Robert Elsbeny, Pres <br />Attest: <br />B <br />cque Staffo , tary, <br />Attachment B to Contract C153670B Amendment No. 3 <br />