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PROMISSORY NOTE <br /> Date: April 1, 2004 <br /> Borrower: The Fulton Irrigating Ditch Company <br /> Principal Amount: $ 171,700.00 <br /> Interest Rate: 2.80% per annum <br /> Term of Repayment: 20 years <br /> Loan Contract No.: C150168, dated April 1, 2004 <br /> Loan Payment: $11,328.59 <br /> Payment Initiation Date*: 5,-, /l ,,d,er / , 20‘71 <br /> Maturity Date*: 5.,j, /e,,i A 1r / , 2 o z 41 <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 Board <br /> ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN <br /> 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 project <br /> is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br /> any, then remaining unpaid shall be due and payable 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 /> 4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB <br /> 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 the <br /> 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 CW. compt <br /> payment of all amounts that may become due hereunder. Said securit <br /> Ant nced <br /> by a Security Agreement and Deed of Trust ("Security Instruments") v ount <br /> and cover certain revenues and real property of the BORROWER. The LOAN CONTRACT and <br /> Security Instruments grant additional rights to the CWCB, incl ' i. ;•F• c to <br /> maturity of this Note in certain events. <br /> Appendix 2 to Loan Contract C150168 <br />