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C150008 Contract
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C150008 Contract
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Last modified
3/7/2013 2:33:24 PM
Creation date
10/6/2006 12:12:15 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150008
Contractor Name
Leroux Creek Water Users Association
Contract Type
Loan
Water District
40
County
Delta
Bill Number
HB 95-1155
Loan Projects - Doc Type
Contract Documents
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<br />~" <br />! <br /> <br />, Promissory Note <br /> <br />Date .::1{;L0 ~ , 1999 Date of Substantial Completion <br /> <br />1. For Value Received, the Leroux Creek Water Users' Association, ("BORROWER") promises to pay the State of <br />Colorado Water Conservation Board ("STATE"), the principal sum of One Million Two Hundred Fifty Thousand Dollars <br />($1,250,000) plus interest at the rate of three and three-quarters percent (3.75%) per annum for a term of thirty (30) <br />years, pursuant to Loan Contract No. C 150008 ("LOAN CONTRACI). <br /> <br />2. The first payment of 70,109.53 payment shall be due one year from the date that the State determines that the <br />project is substantially complete, and annually thereafter until the entire principal sum, all accrued interest, and all late <br />charges, if any, shall have been paid in full. <br /> <br />3. Payments shall be made payable to the Colorado Water Conservation Board and mailed to 1313 Sherman <br />Street, Room 721, Denver, Colorado 80203. <br /> <br />4. If the STATE does not receive the annual payment within 15 calendar days of the due date, the State may impose <br />a,late charge in the amount of 5% of the annual payment. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment <br />shall not postpone the due date of any subsequent payments or change 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 then to reduce the <br />principal amount. ' <br /> <br />7. 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 may <br />become due hereunder. The security interests, evidenced by a Security Agreement and a Deed of Trust cover <br />certain revenues, accounts, real property and water rights of the BORROWER. The LOAN CONTRACT, Security <br />Agreement and Deed of Trust and Assignment of Deposit Account as Security grant additional rights to the STATE, <br />including the right to accelerate the maturity of this Note in certain events. <br /> <br />8. If any annual payment is not paid when due or any default under the LOAN CONTRACT, the Security Agreement, <br />Deed of Trust or Assignment of Deposit Account as Security securing this Note occurs, the STATE may declare the <br />entire outstanding principal balance of the Note, all accrued interest, and any outstandin9 late charges immediately <br />due and payable, and the indebtedness shall bear interest at the rate of 15% per annum from the date of default. The <br />STATE shall give the BORROWER written notice of any alleged default and an opportunity to cure within thirty (30) <br />days of receipt of such notice before the BORROWER shall be considered In default for purposes of this Promissory <br />Note. <br /> <br />9. The BORROWER, any guarantor, and any other person who is now or 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 thereon <br />is not paid when due or suit Is brought, then it shall pay all reasonable costs of collection, including reasonable <br />attorney fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include all costs and <br />attorney fees incurred in connection with such proceedings, including the fees of counsel for attendance at meetings <br />of creditors' committees or other committees. <br /> <br />10. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />By <br /> <br />BORROWER: Leroux Creek Water Users' Association <br />(SEAL) ~ ~ <br /> <br />By ThL~ M. Alve~esident <br /> <br /> <br />Co,porn.~ad-- <br /> <br />Appendix B to Loan Contract C150008 <br /> <br />Attest: <br />
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