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', � • . <br />Promissory Note <br />Date February 1, 2000 <br />1. For Value Received, the City of Greeley, Colorado ( "BORROWER ") r seS#V <br />State of Colorado Water Conservation Board ( "STATE "), the principal sur f ,6Q <br />plus interest at the rate of 5.00 percent per annum and annual payments i <br />amount of $78,045.00, pursuant to Loan Contract No. C153507, as am <br />CONTRACT "). <br />2. The first payment of $78,045.00 shall be due and payable on October 1, 11 <br />annually thereafter for a term of 25 years or until the entire principal sum and all <br />interest shall have been paid in full. <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed <br />to 1313 Sherman Street, Room 721, Denver, Colorado 80203. <br />4. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or <br />change the amount of such payments. <br />5. All payments received shall be applied first to accrued interest and then to reduce the <br />principal amount. <br />6. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the STATE to secure <br />the prompt payment of all amounts that may become due hereunder. The security <br />interests, evidenced by a Deed of Trust cover certain real property or water rights of the <br />BORROWER. The LOAN CONTRACT and Deed of Trust grant additional rights to the STATE, <br />including the right to accelerate the maturity of this Note in certain events. <br />7. If any annual payment is not paid when due or any default occurs under the LOAN <br />CONTRACT or Deed of Trust securing this Note, the STATE may declare the entire <br />outstanding principal balance of the Note geftil accrued interest immediately due and <br />payable, without notice or demand, and t tedn s hall bear interest at the rate of <br />7% per annum from the date of def ST E give the BORROWER written <br />notice of any alleged default and a it ithin thirty (30) days of receipt <br />of such notice before the BORRO be ed in default for purposes of this <br />Promissory Note. <br />8. The BORROWER, any guarantor, and an otAV person who is now or may hereafter <br />become primarily or secondarily liable ayment of this Note or any portion thereof <br />hereby agree that if this Note or inte t reon is not paid when due or suit is brought, <br />then it shall pay all reasonable costs of Ilection, including reasonable attorney fees. In <br />the event of any bankruptcy or similar proceedings, costs of collection shall include all <br />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 />9. This Note shall be governed in all respects by the laws of the State of Colorado. <br />BORROWER: City of Greeley, Colorado <br />(SEAL) NJ---3 <br />Jerry <br />Jerry Wones, Mayor <br />Attest: <br />By <br />B y Holder, City Clerk <br />Exhibit 1 to Loan Contract C153507 Amendment No. 2 <br />