C153618 PIF Contract

• Contract/PO #: C153618
• Contractor Name: Greeley, City of
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: SB 87-15
• Loan Projects - Doc Type: Contract Documents

Date February 1, 2000 Promissory Note \,e4 r�
1. For Value Received, the City of Greeley, Colorado ( "BORROW �r 1 ay the
State of Colorado Water Conservation Board ( "STATE "), the princip 3 00
plus interest at the rate of 5.00 percent per annum and annual paymt i
amount of $45,710.13, pursuant to Loan Contract No. C153618, as N
CONTRACT "). Coo
2. The first payment of $45,710.13 shall be due and payable on October 1, and
annual) thereafter for a term of 25 ears or until the entire principal sum and all"�cc ed
Y Y
interest shall have been paid in full.
3. Payments shall be made payable to the Colorado Water Conservation Board and mailed
to 1313 Sherman Street, Room 721, Denver, Colorado 80203.
4. 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.
5. All payments received shall be applied first to accrued interest and then to reduce the
principal amount.
6. This Note is issued pursuant to the LOAN,,&PNTRAcT between the STATE and the
BORROWER. The LOAN CONTRACT creates se tere s i favor of the STATE to secure
the prompt payment of all amounts that ec hereunder. The security
interests, evidenced by a Deed of Trust ert ' roperty or water rights of the
BORROWER. The LOAN CONTRACT and T t additional rights to the STATE,
including the right to accelerate the m f t ' in certain events.
7. If any annual payment is not paid wh a any default occurs under the LOAN
CONTRACT or Deed of Trust securing t ' t , the STATE may declare the entire
outstanding principal balance of the Not I accrued interest immediately due and
payable, without notice or demand, and th ebtedness shall bear interest at the rate of
7% per annum from the date of default. The STATE shall give the BORROWER written
notice of any alleged default and an opportunity to cure within thirty (30) days of receipt
of such notice before the BORROWER shall be considered in default for purposes of this
Promissory Note.
8. The BORROWER, any guarantor, and any other person who is now or may hereafter
become primarily or secondarily liable for the payment of this Note or any portion thereof
hereby agree that if this Note or interest thereon is not paid when due or suit is brought,
then it shall pay all reasonable costs of collection, including reasonable attorney fees. In
the event of any bankruptcy or similar proceedings, costs of collection shall include all
costs and attorney fees incurred in connection with such proceedings, including the fees of
counsel for attendance at meetings of creditors' committees or other committees.
9. This Note shall be governed in all respects by the laws of the State of Colorado.
BORROWER.' of Greeley, Colorado
(SEAL)
By W
Jerry Wones, Mayor
Attest:
By
tsylZlder, City Clerk
Exhibit 1 to Loan Contract C153618 Amendment No. 2