C153742 DOT Release

• Contract/PO #: C153742
• Contractor Name: Beaver Park Water, Inc.
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

T` PROMISSORY NOTE
Date. September 13, 2011
Borrower: Beaver Park Water, Inc.
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Principal Amount: $350,000* ilv- ., .. . ,
Interest Rate: 3% per annum
Term of Repayment: 40 years r LILL
Loan Contract No.: C153333, dated September 15, 1980 and amended
September 13, 2011
ALoan Payment: $15,141.00
First Payment Date**: September 15, 1982
VI
A(\ Maturity Date**: October 1, 2023
v * The remaining principal balance as of 6/30/2011 is $154,868.85.
R ** The repayment schedule totals more than 40 years because of a deferred payment in
1990 and an interest-only payment in 1992.
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.
1. 2. This Promissory Note replaces and supersedes the Promissory Note provision A.9 of
the Original Contract dated September 15, 1982, in the principal amount of$350,000.
3. Principal and interest shall be payable in equal Loan Payments, with the first payment
IN 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. 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
°I date.
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.
4 7. All payments received shall be applied first to late charges, if any, next to accrued
interest and then to reduce the principal amount.
A,
Appendix B to Loan Contract C153333
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