Laserfiche WebLink
PROMISSORY NOTE <br /> DATE: November lo,2016 <br /> BORROWER: Grand Valley Water Users Association,a Colorado nonprofit <br /> corporation <br /> TOTAL LOAN AMOUNT: $151,500.00 <br /> INTEREST RATE: 1.55%per annum <br /> TERM OF REPAYMENT: 3o years <br /> LOAN CONTRACT NUMBER: CT2o17-2258 <br /> ANNUAL LOAN PAYMENT: $6,353.14 <br /> PAYMENT INITIATION DATE*: September 1,2018 <br /> (to be filled in at Substantial Completion of Project) <br /> MATURITY DATE*: September 1, 2048 <br /> (to be filled in at Substantial Completion of Project) <br /> *Payment Initiation Date and Maturity Date fields are filled in after the project has been 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 annual equal payments as set forth in "Annual Loan <br /> Payment" above, with the first payment due and payable one year from the Payment Initiation <br /> Date (the date the CWCB determines that the project is substantially complete), and annually <br /> thereafter. All principal,interest,and late charges, if any,then remaining unpaid shall be due and <br /> payable on or before the Maturity Date. <br /> 3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room <br /> '718, 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 PROMISSORY NOTE may be prepaid in whole or in part at any time without premium or <br /> penalty. Any partial prepayment shall not postpone the due date of any subsequent payments or <br /> change the 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 PROMISSORY NOTE is issued pursuant to the LOAN CONTRACT between the CWCB and the <br /> BORROWER. The LOAN CONTRACT creates security interests in favor of the CWCB to secure the <br /> prompt payment of all amounts that may become due hereunder. Said security interests are <br /> evidenced by: a SECURITY AGREEMENT, ("SECURITY INSTRUMENT") of even date and amount <br /> herewith and cover certain revenues and accounts of the BORROWER. The LOAN CONTRACT and <br /> Appendix 3 <br /> Page i of 2 <br />