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0 • <br /> PROMISSORY NOTE <br /> Date: December 1, 2004 <br /> Borrower: Little Thompson Water District acting by and through the <br /> Little Thompson Water District Water Activity Enterprise <br /> Principal Amount: $3,937,500 <br /> Interest Rate: 4.05% per annum <br /> Term of Repayment: 20 years <br /> Loan Contract No.: C150121, dated December 1, 2004 <br /> Loan Payment: $ 291,012.35 <br /> Payment Initiation Date*: 0C-foo.b� Z ec <br /> Maturity Date*: c z <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 for the Term of Repayment, pursuant to <br /> 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 1 I� n r foe the Maturity <br /> Date. <br /> �� ha. . <br /> 3. Payments shall be made to the Colorado Water Conservation Board at1313 a an Street, <br /> ALI 1% <br /> Room 721, Denver, Colorado 80203. <br /> 4. The CWCB may impose a late charge in the amo 5 0 hie u- ent 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 of the BORROWER. The LOAN CONTRACT and Security Instruments <br /> grant additional rights to the CWCB. <br /> Appendix 2 to Loan Contract C150121 <br />