C150041 Release DOT

• Contract/PO #: C150041
• Contractor Name: Woodchuck Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

Promissory Note
Date Few/iiiy�y.Z , 2001 Date of Completion in 4/ // d 0 o /
1. FOR VALUE RECEIVED, the Woodchuck Ditch Company ("BORROWER") promises to pay the
State of Colorado Water Conservation Board ("STATE"), the principal sum of Thirty
Thousand Dollars ($30,000) plus interest at the rate 0413.75% per annum for a term of
twenty (20) years, pursuant to Loan Contract No. C150041 ("LOAN CONTRACT").
2. Principal and interest shall be payable in equal installments of $2,158.86, with the first
payment due and payable one year from the date that the State detern ;nes that ':he project
is substantially complete, and annually thereafter until all principal, interest, and all late
charges, if any, have been paid in full. All principal, interest, and late charges, if any, then
remaining unpaid shall be due and payable twenty (20) years thereafter.
3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to
1313 Sherman Street, Room 721, Denver, Colorado 80203.
4. If the STATE does not receive the annual payment within 15 calendar days of the due date,
the State may impose a late charge in the amount of 5% of the annual payment.
5. This 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. :",I p -,' -;-;nc.' e: 2eived shall be applied first to late charges, if any, n , : :o a,.,„.u,-u ;I Merest
and then to reduce the principal amount.
7. This Note is issued pursuant to the LOAN CONTRACT between th • ORROWER.
The LOAN CONTRACT creates security interests in favor of the e r e prompt
payment of all amounts that may become due hereunder. The. I . .. evidenced
lli
by a Security Agreement, a Deed of Trust, and Assign ent of Certificate of De osit cove
certain revenues and accounts and real property of the E . ' "` t TRAC--,
Security Agreement, Deed of Trust and Assignment gr t a itio� : . hi. >' ' ATE,
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 'le
Security Agreement or Deed of Trust or Assignment securing this Note occurs, the ST, TE
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 shill
bear interest at the rate of 7% per annum from the date of default. The STATE shall give th3
BORROWER written notice of any alleged default and an opportunity to cure within thirt
(30) days of receipt of such notice before the BORROWER shall be considered in default fog
purposes of this Promissory Note.
Appendix 2 to Loan Contract C150041