C153656 Paid in Full Contract

• Contract/PO #: C153656
• Contractor Name: Loloff Lateral Ditch Company
• Contract Type: Loan
• County: Weld
• Loan Projects - Doc Type: Contract Documents

I . omissory Note
Date: December 1, 1999
1. For Value Received, The Loloff Lateral Ditch Company ("BORROWER" ro y the State of
Colorado Water Conservation Board ("STATE"), the principal sum g '•hty On e Hundred
Dollars ($81,500.00) with annual payments of $4,749.67 based on ' r t to of 5 o num on the
outstanding principal balance for a term of 40 years, or until pai'•' ' p o Loan Contract No.
C153656, as amended ("LOAN CONTRACT").
2. The first payment shall be due on June 1, 1995, and annually thereafter until the ent r'' ip m and any
accrued interest shall have been paid in full.
3. All payments received shall be applied first to accrued interest and then to the retirement of the principal.
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, with prepayments applied
first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not
postpone the due date of any subsequent payments or change the amount of such payments.
5. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN
CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that
may become due hereunder. The security interests, evidenced by a security agreement and by a deed of trust,
cover certain revenues and real property of the BORROWER. The LOAN CONTRACT, security agreement and
deed of trust grant additional rights to the STATE, including the right to accelerate the maturity of this Note in
certain events.
6. If any payment of principal or interest is not paid promptly when due or any default under the LOAN CONTRACT
or the security agreements and/or assignments securing this Note occurs, the STATE may declare the entire
outstanding principal balance of the Note, and all accrued interest, immediately due and payable, without notice
or demand, and the indebtedness shall bear interest at the rate of 7% per annum from the date of default.
7. The BORROWER, any guarantor, and any successor of the BORROWER who 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.
8. This Note shall be governed in all respects by the laws of the State of Colorado.
BORROWER: The Loloff Lateral Ditch Company
( SEAL )
By 6.i.,.2e; ed`r-.0. .k✓
Kevin Chesnut, President
Attest:
ByJ I-. L. J
JY(lie Chesnut, Corporate Secretary
Exhibit 1 to Loan Contract C153656 Amendment No. 2