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D�t�: <br />BORROWER: <br />Princip�l Amount: <br />Interest Rate: <br />ierm of Repayment: <br />Contract Mgmt Systern Number: <br />Loan Payment: <br />Payment Initiation Date'`: <br />Maturity Date*: <br />PROMISSORY NOTE <br />August 30, 2014 <br />Sanford Canal Company, a Colorado nonprofit corporation <br />$101,000 <br />1.75% per annum <br />30 years <br />72321 <br />$4, 356.11 <br />-�� na L� / ��/% <br />/' � � � <br />-- �� � �� ' <br />* Payment Initiation Date and Maturity Date fieids are fiiled in after the project has been <br />substantial{y compieted. <br />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 CoNT�CT 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 substantialiy complete), and annually thereafter. All principal, interest, and late <br />charges, if any, then remaining unpaid shall be due and payable an or before the Maturity <br />Date. <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 718, 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 shal! 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 accrusd interest and <br />then to reduce the principal amount. <br />7. This PROMISSORY NOTE is issued pursuant to the Loatv CorvT�CT between the CWCB and <br />the BoRRowER. The LoAN CoNTRACT creates security interests in favor of the CWCB to <br />secure the prompt payment of all amounts that may become due hereunder. Said security <br />interests are evidenced by a SECURITY AGREEMENT and DEED OF TRUST ("SECURITY <br />INSTRUMENTS") of even date and amount and cover certain revenues, real property, water <br />rights and/or accounts of the BoRRowER. The LoAtv Co►vT�CT and Security lnstruments grant <br />additional rights to the CWCB, including the right to accelerate the maturity of this <br />PROMISSORY NOTE in certain events. <br />Appendix 2 <br />Page 1 of 2 <br />