C153320 Quit Claim Deed

• Contract/PO #: C153320
• Contractor Name: Beaver Park Water, Inc.
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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• PROMISSORY NOTE
Date: September 13, 2011
Borrower: Beaver Park Water, Inc.
Principal Amount: $1,500,000*
Interest Rate: 3% per annum
u -_41. Term of Repayment: 40 years
Loan Contract No.: C153320, dated September 1, 1981 and amended
p
. September 13, 2011
Loan Payment: $64,890.00
First Payment Date**: January 1, 1981
Maturity Date**: April 1, 2021
o * The remaining principal balance as of 6/30/2011 is $553,534.48.
* * The repayment schedule totals more than 40 years because of a deferred payment in
� 1991.
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 and this promissory note.
2. This Promissory Note replaces and superseNhe s ote provision A.8 of
' ,-Q, the Original Contract dated December 1`5, 19 i e, CrlOal amount of
$1,500,000.
3. Principal and interest shall be payable in equal Loan Payments, with the first payment
due and payable on the First Payment Date, 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.
4 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman
Street, Room 721, Denver, Colorado 80203.
5. 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 15 calendar days of the due
date.
\liN 6. 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.
N 7. All payments received shall be applied first to late charges, if any, next to accrued
4 interest and then to reduce the principal amount.
Appendix B to Loan Contract C153320
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