CT2018-3122 Contract

• Contract/PO #: CT2018-3122
• Contractor Name: Trinchera Irrigation Company
• Contract Type: Grant/Loan Combo
• Loan Projects - Doc Type: Contract Documents

APPENDIX 3, PROMISSORY NOTE
Date: April 9,2018
Borrower: Trinchera Irrigation Company
Total Loan Amount: $440,360.00
Interest Rate: 1.65%per annum
Term of Repayment: 30 years
Loan Contract Number: CT2018-3122
Annual Loan Payment: $18,728.49
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 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 60 calendar days of the due date.At the discretion of the CWCB,
and if the Borrower requests in writing with sufficient justification,the late fee may be waived by the
CWCB. CWCB will review the request from the Borrower, and may, in its sole discretion, choose to
waive the late fee.
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. This Promissory Note is issued pursuant to the Contract between the CWCB and the Borrower. The
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 the Security Agreement and
Deed of Trust ("Security Instruments") of even date and amount herewith and cover the Pledged
Revenues,real propery,and/or accounts of the Borrower.The Contract and Security Instruments grant
additional rights to the CWCB, including the right to accelerate the maturity of this Promissory Note
in certain events.
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Contract Number:CT2018-3122