C150171 PIF Contract

• Contract/PO #: C150171
• Contractor Name: Terrace Irrigation Company, The
• Contract Type: Loan
• County: Conejos
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE
Date: April 1, 2004
Borrower: The Terrace Irrigation Company "
Principal Amount: $245,430.00 � � 06, r^
Interest Rate: 2.5% per annum � �'0
Term of Repayment: 30 years ' �,�,•
Loan Contract No.: C150171, dated April 1, 2004
Loan Payment: $11,726.07 ,•�'�� � ��
Payment Initiation Date *: 11 an w-zc.-
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Maturity Date*:
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 Loan Payments, with the first payment due and
payable one year from Payment Initiation Date (the date the CWCB determines that the project
is substantially complete), and annually thereafter. All principal, inte 4rW late charges, if
any, then remaining unpaid shall be due and payable on or be ate.
3. Payments shall be made to the Colorado Water Corservation an Street,
Room 721, Denver, Colorado 80203.
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4. The CWCB may impose a late charge in the amdunt of 5° the CWCB
does not receive the annual payment within 15 calendar a due't'ate:.
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 and /or Deed of Trust ( "Security Instruments ") of even date and
amount and cover certain revenues and /or real property of the BORROWER. The LOAN
CONTRACT and Security Instruments grant additional rights to the CWCB, including the right to
accelerate the maturity of this Note in certain events.
8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the
Security Instruments securing this Note occurs, the CWCB may declare the entire outstanding
Appendix 2 to Loan Contract C150171