CT2017-2875 Contract

• Contract/PO #: CT2017-2875
• Contractor Name: Grand Valley Water Users Association
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE
Date: May 4,2017
BORROWER: Grand Valley Water Users Association,a Colorado nonprofit
corporation
TOTAL LOAN AMOUNT: $1,717,000.00
INTEREST RATE: 2.0%per annum
TERM OF REPAYMENT: 30 years
LOAN CONTRACT NUMBER: CT2017-2875
ANNUAL LOAN PAYMENT: $76,663.92
PAYMENT INITIATION DATE*:
(to be filled in at Substantial Completion of Project)
MATURITY DATE*:
(to be filled in at Substantial Completion of Project)
*Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially completed.
1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board
("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN
CONTRACT and this PROMISSORY NOTE.
2. Principal and interest shall be payable in annual equal payments as set forth in "Annual Loan
Payment" above, with the first payment due and payable one year from the Payment Initiation
Date (the date the CWCB determines that the project is substantially complete), and annually
thereafter. All principal, interest, and late charges, if any, then remaining unpaid shall be due and
payable on or before the Maturity Date.
3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room
718, Denver, Colorado 80203.
4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB
does not receive the annual payment within 15 calendar days of the due date.
5. This PROMISSORY NOTE may be prepaid in whole or in part at any time without premium or
penalty. Any partial prepayment shall not postpone the due date of any subsequent payments or
change the amount of such payments.
6. All payments received shall be applied first to late charges, if any, next to accrued interest and
then to reduce the principal amount.
7. This PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB and the
BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure the
prompt payment of all amounts that may become due hereunder. Said security interests are
evidenced by: a SECURITY AGREEMENT, ("SECURITY INSTRUMENT") of even date and amount
herewith and cover certain revenues and accounts of the BORROWER. The LOAN CONTRACT and
SECURITY INSTRUMENT grant additional rights to the CWCB, including the right to accelerate the
Appendix 3
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