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• • <br /> PROMISSORY NOTE <br /> Date: November 10, 2002 <br /> Borrower: East Dillon Water District <br /> Principal Amount: $ 2,550,000 <br /> Interest Rate: 4.25% per annum <br /> Term of Repayment: 30 years <br /> Loan Contract No. : C150100 dated November 10, 2002 <br /> Loan Payment: $151,975.53 <br /> Date of Completion*: /V0 yz m 6e Z C , 2 6442 <br /> Maturity Date*: Ve c e .h e, / / 2 U 32_ <br /> *These two fields will be filled in upon <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. <br /> 2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br /> payable one year from the Date of Completion, which is the date the CWCB determines that <br /> the project is substantially complete, and annually thereafter until all principal, interest, and <br /> late charges, if any, have been paid in full, with all such principal, interest, and late charges, <br /> required to be paid on or before the Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br /> Room 721, Denver, Colorado 80203. <br /> jis <br /> • <br /> 4. The CWCB may impose a late charge in the amount of 5° u• `t ` yment if the <br /> CWCB does not receive the annual payment within 15 calend. •M‘due date. <br /> 5. This Note may be prepaid in whole or in part at any time with t r n . AAny <br /> partial prepayment shall not postpone the due date of qu p m ange <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 of even date and amount and cover certain revenues of <br /> the BORROWER. The LOAN CONTRACT andSecurity Agreement grant additional rights to the <br /> CWCB, including the right to accelerate the maturity of this Note in certain events. <br /> Appendix 2 to Loan Contract C150100 <br />