Laserfiche WebLink
Promissory Note <br />Date August 2000 Date of Completion 4 h"A Z OlJ� <br />1. For Value Received, the Ute Water Activity Enterprise ( "BORROWER ") promises to pay the State of Colorado <br />Water Conservation Board ( "STATE "), the principal sum of $17,000,000 plus interest at the rate of 4.90% percent <br />per annum for a term of thirty (30) years, pursuant to Loan Contract No. C150026, as amended ( "LOAN <br />CONTRACT'). <br />2. The first payment of $1,093,300.42 shall be due one year from the date that the State determines that the project is <br />substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late <br />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 Street, <br />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 impose a <br />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 prepayment shall <br />not postpone the due date of any subsequent payments or change the amount of such payments. <br />6. All payments received shall be applied first to late charges, if any, 7ccrued interest and then to reduce the <br />principal amount. rt <br />?. k <br />i 1_ <br />7. This Note is issued pursuant to the LOAN CONTRACT betWdeg, tbW' ' TE and tWORROW ER. The LOAN CONTRACT <br />creates security interests in favor of the STATE to secure the prom X oa�i t A, II gmounts that may become due <br />hereunder. The security interests, evidenced by a Secu�it�r Rare rt c 'vet revenues and accounts of the <br />BORROWER. The LOAN CONTRACT and the Security Agreern'knt n `' di ion�hts to the STATE, including the <br />right to accelerate the maturity of this Note in certain evenis. <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the Security Agreement <br />securing this Note occurs, the STATE may declare the entire outstanding principal balance of the Note, all accrued <br />interest, and any outstanding late charges immediately due and payable, and the indebtedness shall bear interest <br />at the rate of 7% per annum from the date of default. The STATE shall give the BORROWER written notice of any <br />alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the BORROWER <br />shall be considered in default for purposes of this Promissory Note. <br />9. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily or secondarily <br />liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest thereon is not paid <br />when due or if suit is brought, then it shall pay all reasonable costs of collection, including reasonable attorney fees. <br />In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and attorney fees <br />incurred in connection with such proceedings, including the fees of counsel for attendance at meetings of creditors' <br />committees or other committees. <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br />B ER: Ute Water ctivity En rprise <br />(SEAL) � <br />By <br />Doro skin, President <br />Attest: <br />By D <br />Santo Bertuzzi, Secret <br />Attachment 2 to Contract C150026 Amendment No. 1 <br />