C150041 PIF

• Contract/PO #: C150041
• Contractor Name: Woodchuck Ditch Comapny
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

Promissory Note
Date reaum LI 1 , 2001 Date of Completion M 4 y // v 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 o}'3.75% 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 deterr? ;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. Gi' r.ir'': -[ eiv d shall be applied first to late charges, if any, i ,-:;:: :O a,,,„u ,_, ii merest
and then to reduce the principal amount.
7. This Note is issued pursuant to the LOAN CONTRACT between th. s . .;- • - F.ORROWER. •
The LOAN CONTRACT creates security interests in favor of the •` ! e prompt
payment of all amounts that may become due hereunder. The• i If' -;`evidenced
by a Security Agreement, a Deed of Trust, and Assignent of Certificate of De osit cove'
rr1
certain revenues and accounts and real property of the . •, E-, ' '`` i t TRAC�-,
Security Agreement, Deed of Trust and Assignment gr t.a• Sitio; : h+. 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 he
Security Agreement or Deed of Trust or Assignment securing this Note occurs, the ST, E
may declare the entire outstanding principal balance of the Note, all accrued interest, E. d
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 the
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