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<br />.," -~.\ <br /> <br />LOAN CONTRACT <br />SlmDit Reservoir and Irrigation Co. <br />Emergency loan <br /> <br />Such order or resolution shall be attached hereto as Exhibit A and included herein <br />prior to the State performance under this contract. <br /> <br />6. (PROMISSORY NOTE PROVISIONS): <br /> <br />6a. Repay to the State the total principal sum of Thirty Three Thousand Dollars <br />and no Cents ($33,000.00), which is the project loan amount. Said repayment shall <br />include the principal sum with interest at the rate of four percent (4%) per annum, and <br />shall be made in constant annual installments of One Thousand, Nine Hundred, and <br />Eight Dollars and Thirty-Nine Cents ($1,908.39) each, for thirty (30) years, as shown in <br />Exhibit B, attached hereto and incorporated by reference herein, which first installment <br />shall be due and payable on the first day of March 1995, and yearly thereafter until the <br />entire principal sum and any accrued interest shall have been paid. Said installment <br />payments shall be made payable to the Colorado Water Conservation Board, payable at <br />the offices of said Board in Denver, Colorado. <br /> <br />6b. Prepay the loan in full at any time, at the Borrower's option, for which there <br />shall be no prepayment penalty. <br /> <br />6c. Make advanced payments on this loan at any time, at the Borrower's option, <br />provided that these payments will be applied first to any accrued interest and then to <br />reduce the principal amount. If advanced payments are made, the Borrower shall be <br />allowed to substitute one such payment for one future regularly scheduled payment, and <br />this promissory note will not be considered in default until such time as all advanced <br />payments are consumed and a regularly scheduled payment has become delinquent. <br /> <br />6d. Not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or <br />otherwise dispose of the project or any portion thereof or the assessment revenues <br />pledged to repay the loan herein, so long as any of the principal and any accrued <br />interest required by the Promissory Note of the contract remain unpaid, without the <br />prior written concurrence of the State. <br /> <br />7. (DEED OF TRUST PROVISIONS): <br /> <br />7a. As security for the loan to be made to it by the State, executed a deed of <br />trust as shown in Exhibit C. The security provided shall be an undivided one hundred <br />percent (100%) interest in the following: <br /> <br />Page i of 12 Pages <br />