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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 $1 ,095,156,00
<br />plus interest at the rate of 5,00 percent per annum and annual payments in the minimum
<br />amount of $78,045,00, pursuant to Loan Contract No, C153507, as amended ("LOAN
<br />CONTRACT"),
<br />2, The first payment of $78,045.00 shall be due and payable on October 1, 1992, 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 defauit 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 attomey 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 />BORROWER: City of Greeley, Colorado
<br />
<br />BY~~
<br />Jerry Wones, Mayor
<br />
<br />(S EAL)
<br />
<br />Attest:
<br />
<br />By
<br />
<br />
<br />Exhibit 1 to Loan Contract C153507 Amendment NO.2
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