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„ r, o sory Note <br /> Date „' • 2 400 Date of Substantial Completion vd Lt kt e- 3 d` 2 Dv/ <br /> 1. FOR VALUE R D, T ,- •res Water Conservancy District Water Activity Enterprise <br /> ( B(DR-• R”) •) to •- the State of Colorado Water Conservation Board ("STATE"), the <br /> pri. 0- #��:''_ of • - (e Thousand Dollars ($75,000) plus interest at the rate of three and one- <br /> - (3.50 .) p- annum for a term of five (5) years, pursuant to Loan Contract No. C150003 <br /> ("Lo.. .,tYy;+NTRACT . <br /> 2. The firs - ent of$16,611.10 shall be due one year from the date that the State determines that <br /> the proj:; is substantially complete, and annually thereafter until the entire principal sum and all <br /> accrued interest shall have been paid in full. <br /> 3. Payments shall be made by the State cashing in one of five certificates of deposit, each in the <br /> amount of $16,611.10, which the Borrower has made payable to and given possession of to the <br /> Colorado Water Conservation Board. <br /> 4. This Note may be prepaid in whole or in part at any time without premium or penalty by the Borrower <br /> requesting that any or all of the remaining certificates of deposit be cashed in by the State and <br /> applied to the payment of any interest accrued and to principal reduction. Any partial prepayment <br /> shall not postpone the due date of any subsequent payments or change the amount of such <br /> payments. . <br /> 5. All payments received shall be applied first to accrued interest and then to reduce the principal <br /> amount. . <br /> 6. If any annual payment is not paid when due or any default under the LOAN CONTRACT, the STATE <br /> may declare the entire outstanding principal balance of the Note, all accrued interest, and any <br /> outstanding late charges immediately due and payable, and the indebtedness shall bear interest at <br /> the rate of 7% per annum from the date of default. The STATE shall give the BORROWER written notice <br /> of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice <br /> before the BORROWER shall be considered in default for purposes of this Promissory Note. <br /> 7. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily <br /> or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note <br /> or interest thereon is not paid when due or if suit is brought, then it shall pay all reasonable costs of <br /> collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, <br /> costs of collection shall include all costs and attorney fees incurred in connection with such <br /> proceedings, including the fees of counsel for attendance at meetings of creditors' committees or <br /> other committees. <br /> 8. This Note shall be governed in all respects by the laws of the State • - ado. <br /> BORROWER: T - •res ` -r C. -ervancy District <br /> Water Activity - •ris <br /> - <br /> mon . Schwindt, President <br /> Attest: <br /> By iI ,_� x IP <br /> �� <br /> '�` Secretary <br /> Appendix C to Loan Contract C150003 <br />