Laserfiche WebLink
<br />PROMISSORY NOTE <br /> <br />Date: November 1, 2002 <br /> <br />Borrower: The Loma Ditch and Lateral Company <br /> <br />Principal Amount: $ 250,235 <br /> <br />Interest Rate: 2.75% per annum <br /> <br />Term of Repayment: 30 years <br /> <br />Loan Contract No. : C150114, dated November 1, 2002 <br /> <br />Loan Payment: $12,357.71 <br /> <br />Payment Initiation Date *: <br /> <br />Maturity Date': <br /> <br />. These two fields are filled in after the project has been substantially completed <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation <br />Board rCWCS"), the Principal Amount plus Interest for the Term of Repayment, pursuant to <br />the LOAN CONTRACT. <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from the date the ewes determines that the project is substantially <br />complete (Payment Initiation Date), and annually thereafter until all principal, interest, and late <br />charges. if any, have been paid in full, with all such principal, interest. and late charges, <br />required to be paid on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCS may impose a late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> <br />5. 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 change <br />the amount of such payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWeB and the BORROWER. <br />The LOAN CONTRACT cr~ates security interests in favor of the eWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are <br />evidenced by a Security Agreement, and Deed of Trust of even date and amount and cover <br />certain revenues, real property, water rights and/or accounts of the BORROWER. The LOAN <br />CONTRACT, Security Agreement, and Deed of Trust grant additional rights to the CWCS, <br />induding the right to accelerate the maturity of this Note in certain events. <br /> <br />Appendix 2 to Loan Contract C150114 <br />