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C150153 Paid in Full Contract
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C150153 Paid in Full Contract
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Last modified
7/28/2016 2:05:23 PM
Creation date
7/28/2016 2:05:09 PM
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Loan Projects
Contract/PO #
C150153
Contractor Name
Dolores Water Conservancy District
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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PROMISSORY NOTE <br /> Date: March 1, 2004 <br /> Borrower: The Dolores Water Conservancy District, acting by and through <br /> the Dolores Water Conservancy District Water Activity Enterprise <br /> Principal Amount: $598,058 <br /> Interest Rate: 3% per annum <br /> Term of Repayment: 10 years <br /> Loan Contract No.: C150153, dated March 1, 2004 • <br /> ,dif Loan Payment: $70,110.69 <br /> Payment Initiation Date*: �� �ti� / z �'© ? «d <br /> '•�*wrysw��t, <br /> Maturity Date*: .,J A n K a.'y / 212/? <br /> * Payment Initiation Date and Maturity Date fields are filled in after the project has been <br /> substantially completed. <br /> 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation <br /> Board ("CWCB"), the Principal Amount plus Interest at the Interest Rate set forth above for <br /> the Term of Repayment, pursuant to the LOAN CONTRACT and this promissory note. <br /> 2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br /> payable one year from Payment Initiation Date (the date the CWCB determines that the <br /> project is substantially complete), and annually thereafter. All principal, interest, and late <br /> charges, if any, then remaining unpaid shall be due and payable on or before the Maturity <br /> Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br /> Room 721, Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br /> CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> 5. 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 change <br /> the amount of such payments. <br /> 6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br /> then to reduce the principal amount. <br /> 7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br /> The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br /> payment of all amounts that may become due hereunder. Said security interests are <br /> evidenced by a Security Agreement ("Security Instruments") of even date and amount and <br /> cover certain revenues, real property, water rights and/or accounts of the BORROWER. The <br /> LOAN CONTRACT and Security Instruments grant additional rights to the CWCB. <br /> 8. The CWCB shall give the BORROWER written notice of any alleged default and an <br /> Appendix 2 to Loan Contract C150153 <br />
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