C150083 PIF

• Contract/PO #: C150083
• Contractor Name: John Peroulis and Sons Partnership
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

PROMISSORY NOTE
Date: August 1, 2002
Borrower: John Peroulis and Sons, a Colorado general partnership
Principal Amount: $ 250,000.00
Interest Rate: effective rate of 3.0% per annum based on 3.5% per annum on
$100,000 and 2.75% per annum of $150,000 and CWCB practice to
round a blended interest rate down to the n" " " )th
` "
P .of 4percent—
Term of Re a ment: 30 years � ASE Y
Loan Contract No. : C150083, dated August 1, 2002 "3
Loan Payment: $12,754.81
UNUn r2l Llirt6
Date of Completion: No✓eve e.. / z Do z M0FF TCOU t YPI1�LICTRUST�E
Maturity Date: AA)A..•6..,. J Z o 3 Z
i
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.
2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and
payable one year from the Date of Completion, which is the date the CWCB determines that the
project is substantially complete, and annually thereafter until all principal, interest, and late
charges, if any, have been paid in full, with all such principal, interest, and late charges,
required to be paid on or before the Maturity Date.
3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street,
Room 721, Denver, Colorado 80203.
4. The CWCB may impose a late charge in trt nt f o f the annual payment if the CWCB
does not receive the annual payment withi - n r of the due date.
-5. This Note may be prepaid in whole or in part afiany e without premium or penalty. Any
partial prepayment shall not postp• - -e • e pf any subs uent payments or change the
amount of such payments.
6. All payments received shall be ap• -• it to c ext to accrued interest and
then to reduce the principal amount.
7. This 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(s), Deed(s) of Trust, and/or Assignment(s) of even date and amount
and cover certain revenues, real property, water rights and/or accounts of the BORROWER. The
LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment grant additional rights
to the CWCB, including the right to accelerate the maturity of this Note in certain events.
8. If any annual payment is not paid when due or any default under the LOAN CONTRACT or the
Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCB may
declare the entire outstanding principal balance of the Note, all accrued interest, and any
outstanding late charges immediately due and payable, and the indebtedness shall bear
interest at the rate of 7% per annum from the date of default. The CWCB shall give the
BORROWER written notice of any alleged default and an opportunity to cure within thirty (30)
Appendix 2 to Loan Contract C150083