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C153770 Contract
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C153770 Contract
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Last modified
4/18/2011 2:34:23 PM
Creation date
10/6/2006 12:04:42 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153770
Contractor Name
Summit Reservoir and Irrigation Company
Contract Type
Loan
Water District
32
County
Montezuma
Bill Number
SB 97-008
Loan Projects - Doc Type
Contract Documents
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. <br />�� <br />Promissory Note <br />Date: May 1, 2002 <br />Date of Completion <br />1. FoR VALUE RECEIVED the Summit Reservoir and Irrigation Company (" BORROWER ") <br />promises to pay the State of Colorado Water Conservation Board ("CWCB"), the principal <br />sum of Six Hundred Thousand Dollars ($300,000) plus interest at the rate of three and <br />three quarters percent (3 3 /4%) per annum for a repayment term of thirty (30) years, <br />pursuant to Loan Contract No. C153770, as amended on May 1, 2002 (" LOAN CONTRACT <br />2. This Promissory Note replaces and supersedes the Promissory Note dated August 14, <br />1997, in the principal amount of $200,000. <br />3. Principal and interest shall be payable in equal installments of $16,826.29, with the first <br />payment due and payable one year from the date that the CWCB determines that the <br />project is substantially complete, and annually thereafter until all principal, interest, and all <br />late charges, if any, have been paid in full. All principal, interest, and late charges, if any, <br />then remaining unpaid shall be due and payable 30 years thereafter. <br />4. Payments shall be made to the Colorado Water Conservation Board and mailed to 1313 <br />Sherman Street, Room 721, Denver, Colorado 80203. <br />5. If the CWCB does not receive the annual payment within 15 n days of the due date, <br />the CWCB may impose a late charge in the amount o 5% of th nnu I payment. <br />6. This Note may be prepaid in whole or in part at any e withou mium or penalty. Any <br />partial prepayment shall not postpone date of y subsequent payments or change <br />the amount of such payments. <br />7. All payments received all e applie 'rst late charges, if any, next to accrued interest <br />and then to reduce the ' ci al amount. <br />8. This Note is issued pur nt to the Loarv CONTRACT between the CWCB and the <br />BoRROwER. The Loarv CorvTRacT creates security interests in favor of the CWCB to secure <br />the prompt payment of all amounts that may become due hereunder. The security <br />interests, evidenced by a Security Agreement and an Assignment of Certificate of Deposit <br />cover certain revenues, accounts and real property of the BoRROwER. The LoaN CoNTFtacT, <br />Security Agreement and Assignment grant additional rights to the CWCB, including the right <br />to accelerate the maturity of this Note in certain events. <br />9. If any annual payment is not paid when due or any default under the LoArv CoNTRacT or the <br />Security Agreement or Assignment securing this Note occurs, the CWCB may declare the <br />entire outstanding principal balance of the Note, all accrued interest, and any outstanding <br />late charges immediately due and payable, and the indebtedness shall bear interest at the <br />rate of 7% per annum from the date of default. The CWCB shall give the BORROWER <br />written notice of any alleged default and an opportunity to cure within thirty (30) days of <br />receipt of such notice before the BoRROwER shall be considered in default for purposes of <br />this Promissory Note. <br />10. ThG' BORROWER any guarantor, and any other person who is now or may hereafter become <br />primarily or secondarily liable for the payment of this Note or any portion thereof hereby <br />agree that if this Note or interest thereon is not paid when due or if suit is brought, then it <br />shall pay all reasonable costs of collection, including reasonable attorney fees. In the event <br />of any bankruptcy or similar proceedings, costs of collection shall include all costs and <br />Appendix 2 to Contract C153770 Amendment No. 1 <br />
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