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PROJC00106
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PROJC00106
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Last modified
3/7/2013 12:16:33 PM
Creation date
10/6/2006 12:02:51 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153829
Contractor Name
Eagle Park Reservoir Company
Contract Type
Loan
Water District
37
County
Eagle
Bill Number
SB 96-153
Loan Projects - Doc Type
Contract Documents
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<br />PROMISSORY' NOTJE <br /> <br />DateS-r"ToYlduJc -Jln 1998 $7,492,520 <br /> <br />1. FOR VALUE RECEIVED, the Eagle Park Reservoir Company ("Borrower") promises to pay the <br />State of Colorado Water Conservation Board ("State"), the principal sum of $7.492,520 <br />together with interest on the outstanding principal amount at the rate of 5.45% per annum <br />for a term of thirty (30) years, pursuant to Loan Contract No. C153829 ("Loan Contract"), <br />All capitalized terms, unless defined herein, shall have the meaning ascribed thereto in the <br />Loan Contract. <br /> <br />2, The first payment of $512,682,34 shall be due one year from the date of this Note, and <br />annually thereafter until the entire principal sum, all accrued interest, and all late charges, if <br />any, shall have been paid in full. Each loan payment shall be accompanied by a certificate <br />executed by an officer of the BORROWER reflecting the allocation of credit therefor among <br />the Owners of the Shares of stock pledged to secure the loan. <br /> <br />3. This nonrecourse Note is secured severally (not jointly and collectively) in the amounts set <br />forth on Schedule A hereto, and the holder of this Note is entitled to the benefits of the <br />Security Documents of even date herewith, given by certain Owners of Borrower's stock for <br />the benefit of the State to secure portions of this Note and covering certain Shares of the <br />Borrower's common stock and certain water rights (the "Collateral"), Reference is made to <br />the Security Documents for a description of the Collateral and the rights, remedies and <br />obligations of the holder hereof in respect thereto, The Owners shall be entitled to partial <br />releases of the Collateral from the encumbrance of the Security Documents upon the <br />making of certain payments hereunder as described in the Loan Contract. <br /> <br />4, Time is of the essence hereof, In the event of a default by or allocated to any Owner or the <br />Borrower under the provisions of the Loan Contract or the Security Documents, and such <br />default is not cured within the applicable grace or cure period therefor, then the whole <br />principal sum of the portion of this Note to which such Owner's default relates (but not to <br />any other portion) plus accrued interest thereon, and late charges, if any. shall, at the option <br />of the holder of this Note, become immediately due and payable without notice or demand, <br />and the indebtedness shall bear interest at the rate of 18% per annum from the date of <br />default, and the holder of this Note shall have and may exercise any or all of the rights and <br />remedies provided herein and in the Loan Contract and the Security Documents, but only to <br />the extent applicable to the defaulting Owner's portion of this Note. <br /> <br />5. Notwithstanding anything to the contrary herein or in the Security Documents, in the event <br />of a default under this Note, the Loan Contract or the Security Documents, the State shall <br />look only to the applicable Collateral encumbered by the Security Documents for repayment <br />of amounts due hereunder, and shall not look to any other Collateral, the Borrower or any <br />officer, director or shareholder thereof, or any Owner, for any amounts determined to be <br />owed, including any deficiencies between the amounts owed and the value of the applicable <br />Collateral. <br /> <br />6. If the Borrower fails to pay any amount due under this Note and the State has to take any <br />action to collect the amount due or to exercise its rights under the Security Documents, <br />including without limitation retaining attorneys for collection of this Note, or if any sui: or <br />proceeding is brought for the recovery of all or any part of or for protection of the <br />indebtedness or to foreclose the Security Documents, then the State may recove, from the <br /> <br />Appendix B to Loan Contract C153829 <br />
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