Laserfiche WebLink
<br />.r <br /> <br />f:;romissory Note <br /> <br />Date: December 1,1999 <br /> <br />1. For Value Received, The Loloff Lateral Ditch Company ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("STATE"), the principal sum of Eighty One Thousand Five Hundred <br />Dollars ($81,500.00) with annual payments of $4,749.67 based on the interest rate of 5% per annum on the <br />outstanding principal balance for a term of 40 years, or until paid in full, pursuant to Loan Contract No. <br />C153656, as amended ("LOAN CONTRACT"). <br /> <br />2. The first payment shall be due on June 1, 1995, and annually thereafter until the entire principal sum and any <br />accrued interest shall have been paid in full. <br /> <br />3. All payments received shall be applied first to accrued interest and then to the retirement of the principal. <br />Payments shall be made payable to the Colorado Water Conservation Board and mail!,d to 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments applied <br />first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not <br />postpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />5. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN <br />CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts that <br />may become due hereunder. The security interests, evidenced by a security agreement and by a deed of trust, <br />cover certain revenues and real property of the BORROWER. The LOAN CONTRACT, security agreement and <br />deed of trust grant additionai rights to the STATE, including the right to accelerate the maturity of this Note in <br />certain events. <br /> <br />6. If any payment of principal or interest is not paid promptly when due or any default under the LOAN CONTRACT <br />or the security agreements and/or assignments securing this Note occurs, the STATE may declare the entire <br />outstanding principal balance of the Note, and all accrued interest, immediately due and payable, without notice <br />or demand, and the indebtedness shall bear interest at the nite of 7% per annum from the date of default. <br /> <br />7. The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter become primarily or <br />secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest <br />thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of collection, including <br />reasonable attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall <br />include all costs and attorney fees incurred in connection with such proceedings, including the fees of counsei <br />for attendance at meetings of creditors' committees or other committees. <br /> <br />8. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: The Loloff Lateral Ditch Company <br /> <br />(S EAL) <br /> <br />By ~B'6~~ t!k<;1h~ <br />Kevin Chesnut, President <br /> <br />Attest: ) <br /> <br />By ,~~;. /lb1L Y/ <br />J ie Chesnut, Corporate Secretary <br /> <br />Exhibit 1 to loan Contract C153656 Amendment No.2 <br />