C153623 Paid in Full Documents - Laserfiche WebLink

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COMMERCIAL AGR. .JLTURAL PROMISSORY NOTE• ; 0 x RATE 11 VARIABLE RATE �;• 10-222-2 672-3963 • 09/17/91 ,.: 09/01/94 BORROWER: SA NC HE' DITCH & RESERVOIR al :ENDER; FIRST NATIONAL BANK OF LA JARA .BOX 719 �C-`x/06 P .O . BOX 7 SAN ACACIO CO 81150 L�JARA,CO81140 27741.1 PROMISE 'i' PM':-,; For value received, BorroWer promises topay to the order of Lender the prinipal' ni of r SEVENTY 1 H lUSAND A)ID N0/100 -----------($ 7-O&0O:00 plus•sim 1 in on tbe_lunpaid principal baVnte.tt the_rte. r(tt'in the manner described below. All amounts received by Lender$h411. plieil rip expenses..then toteCrued interest,and en.tprincipal. \S i FIXED INTERF: T�A` E; fry t shall be computed on the basis of 360 days per year and the actual number"o clays `" .lapsed. Lute est� •n this? p e be calculated at the fixed rate of percent( .9bb)per annum or the bs,, l gifei t ratieillowed by law,whichever is less. VARIABLE INTEREST RATE: This Note has a variable interest rate feature and may change from timebttimc,. Interest on OW this Note shall be calculated at the variable rate cf Three & 54/100 percent( 3 54%)per annum tam the Index Rae described below. The initial Index Rate isfourteen & 54/1 00percent(14.54%)per annum and the initial rate on this Note shall be Eleven percent( 11.0%)per annum. Interest shall be computed on the basis of 360 days per year and the actual number of days elapsed. Any change in the interest ,tin .rare_.. Ind x Rat .,,b:effe • P T E OF r u,J C E • lute Lt.Ji.1 Li11b' [Kiie it 411AlIbG in thc 1:163GA Rate will U..effective 4i: ..on The Index Rate for this Note shall be: XX Lender's Base or Index. Rate - Lender's Base or Index Rate is a discretionary rate. The rate is publicly an- nounced or posted by Lender from time to time and does not necessarily reflect the rate that Lender charges to its best or most creditworthy customers. Independent Inde,:..The Independent Index used for this Note shall be:_ MINIMUM RATE/MAXIMUM RATE: The minimum inteizst rate on this Note shall be Eleven percent 0 1 .0 %) per annum. The maximum interest Ian:on this No.e,shall not exceed highest rate allowed by law,whichever is less. M DEFAULT RATE: In the event of a default under this Note,the interest rate shall be increased by FOUR _percent ( 41 %)per annum so long as this increase does not exceed the highest rate allowed by law. `,� REVOLVING OR DRAW FEATURE: If checked below, this Note possesses a revolving or draw feature and the terms and conditions pertaining thereto: \,� __X_:-. This Note possesses a revolving feature. Borrower shall be entitled to borrow up to the full principal amount of V the Note from time to time during the term of this Note. This Note possesses a craw feature. t3orruwei sha i be a ii iicd i..i n,1.lo ono or:::v.:draw:,um:.er thin, Note., "ille aggregate amount of such draws shall not exceed the full principal amount of this Note. Borrower shall be entitled to make additional draws under this Note subject to the limitations described above and the folie;w- ing conditions: The draw requested by Borrower does not exceed Lender's lending limit in any manner. The Lender is willing to honor the draw in its sole discretion. PAYMENT SCHEDULE: Borrower shall pay the principal and interest according to the following schedule: PAYABLE IN 2 ANN .PMTS . OF $23 ,300 + INT . BEGIN . 9-1-92,9-1-93 with final pmt. PURPOSE: AGRICULTURE (REPAIR RESERVOIR ) bal. of P+I due 9-1-94 MATURITY DATE: 9-1-94 All payments shall be made to Lender at its address described above and in lawful currency of the United States of America. PREPAYMENT/MINIMUM FINANCE CHARGE: This Note may be prepaid in part or in full on or before its maturity date. If this Note contains more than one installment,all prepayments shall be applied as set forth above and against the remairing installments in the inverse order of their maturity. If this Note is prepara m run, hcmrower shad pay i,emicr a ,e►; .. :, finance charge of S 2 5 .0 0 plus its closing costs. X X It is mutually agreed by and between Borrower and Lender that the respective parties waive trial by jury in any action,proceeding or counterclaim brought by either of the parties against the other on any matter whatsoever arising out of or in any way connected with this Loan Agreement. BORROWER ACKNOWLEDGES THAT BORROWER HAS READ,UNDERSTANDS,AND AGREES TO THE TERMS AND CONDIilONS OF THIS NOTE. Dated:_09/ 17/91 ,19 . PORROWER: BORROWER: BORKOWER: :•RROWER: � . r Vr {VUll c- s r. ■ ► v „r BORRO �'.' � `I7 BORROWER: By:. i � � I�� f�� .1, •- - • •o hies, re-! GRAYCO BANK PRODUCTS.INC.FNBLAIA-CAN(4.89)