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<br />Promissory Note <br /> <br />Date February 1, 2000 <br /> <br />1, For Value Received, the City of Greeley, Colorado ("BORROWER") promises to pay the <br />State of Colorado Water Conservation Board ("STATE"), the principal sum of $639,936,00 <br />plus interest at the rate of 5,00 percent per annum and annual payments in the minimum <br />amount of $45,710,13, pursuant to Loan Contract No, C153618, as amended ("LOAN <br />CONTRACT"). <br />2, The first payment of $45,710.13 shall be due and payable on October 1, 1996, and <br />annually thereafter for a term of 25 years or until the entire principal sum and all accrued <br />interest shall have been paid in full. <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed <br />to 1313 Sherman Street, Room 721, Denver, Colorado 80203, <br />4, This Note may be prepaid in whole or in part at any time without premium or penalty, Any <br />partial prepayment shall not postpone the due date of any subsequent payments or <br />change the amount of such payments, <br />5, All payments received shall be applied first to accrued interest and then to reduce the <br />principal amount. <br />6, This Note is issued pursuant to the LOAN CONTRACT between the STATE and the <br />BORROWER. The LOAN CONTRACT creates security interests in favor of the STATE to secure <br />the prompt payment of all amounts that may become due hereunder. The security <br />interests, evidenced by a Deed of Trust cover certain real property or water rights of the <br />BORROWER. The LOAN CONTRACT and Deed of Trust grant additional rights to the STATE, <br />including the right to accelerate the maturity of this Note in certain events. <br />7. If any annual payment is not paid when due or any default occurs under the LOAN <br />CONTRACT or Deed of Trust securing this Note, the STATE may declare the entire <br />outstanding principal balance of the Note and all accrued interest immediately due and <br />payable, without notice or demand, and the indebtedness shall bear interest at the rate of <br />7% per annum from the date of default. The STATE shall give the BORROWER written <br />notice of any alleged default and an opportunity to cure within thirty (30) days of receipt <br />of such notice before the BORROWER shall be considered in default for purposes of this <br />Promissory Note. <br />8. The BORROWER, any guarantor, and any other person who is now or may hereafter <br />become primarily or secondarily liable for the payment of this Note or any portion thereof <br />hereby agree that if this Note or interest thereon is not paid when due or suit is brought, <br />then it shall pay all reasonable costs of collection, including reasonable attorney fees. In <br />the event of any bankruptcy or similar proceedings, costs of collection shall include all <br />costs and attorney fees incurred in connection with such proceedings, including the fees of <br />counsel for attendance at meetings of creditors' committees or other committees. <br />9, This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />( SEA L ) ::RR;1lZt~:::Y' Colorado <br /> <br />~ Jerry Wones, Mayor <br /> <br />Attest: <br /> <br />By , <br /> <br /> <br />Exhibit 1 to Loan Contract C153618 Amendment No.2 <br />