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C153771 Contract
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C153771 Contract
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Last modified
3/7/2013 2:09:31 PM
Creation date
10/6/2006 12:16:55 AM
Metadata
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Loan Projects
Contract/PO #
C153771
Contractor Name
Horse Creek Water Users Association
Contract Type
Loan
Water District
17
County
Crowley
Bill Number
HCL
Loan Projects - Doc Type
Contract Documents
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<br />PROMISSOR1r' NOTE <br /> <br />Principal Amount: <br />Term: <br /> <br />$825,000 <br />40 Years <br /> <br />Interest Rate: <br />Loan Payment: <br /> <br />3% <br />$30,158.49 - 1515 years <br />$37,~8.57 - remaining 35 years <br />II {/. cOS .1997 <br /> <br />Loan Contract: <br /> <br />#C153771 <br /> <br />Date: <br /> <br />1. fOR VAI.UE REcEIVED, the Horse Creek Water Users Association ("BORROWER") promises to <br />pay the State of Colorado Water Conservation Board ("STATE"), the principal sum of <br />$825,000.00 with annual payments of $30,158.49 for the first five years, and $37,058.57 <br />thereafter, based on an interest rate of 3% per annum on the outstanding principal balance for <br />a term of 40 years, or until paid in full, pursuant to Loan Contract #C153771 ("LOAN <br />CONTRACT"). The payments for the first five years are based on loan terms of $825,000 <br />principal amount, an interest rate of 2% per annum for a term of 40 years. The remaining 35 <br />annual payments are based on an interest rate that will assure that the total retum to the <br />STATE has the same net present value as a standard 3%, 40-year loan. <br /> <br />2. The first loan payment shall be due one year from the date the STATE determines that the <br />PROJECT described in the LOAN CONTRACT has been substantially completed, and annually <br />thereafter until the entire principal sum and any accrued interest shall have been p.':!id in full. <br /> <br />3. All payments received shall be applied, as set forth in Amortization Schedule attached to <br />Loan Contract as Appendix 3, first to accrued interest and then to the' retirement of the <br />principal. Payments shall be made payable to the Colorado Water Conservation Board and <br />mailed to 1313 Sherman 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 <br />prepayments applied first to any accrued interest and then to reduce the principal amount. <br />Any partial prepayment shall not postpone the due date of any subsequent payments or <br />change the amount of such payments. The parties acknowledge and understand that the <br />BORROWER may receive and apply grant funds to reduce the amount of this loan, at which <br />time the parties would execute a new Promissory Note that would supersede this Note. <br /> <br />5. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the STATE to secure the prompt <br />payment of all amounts which may become due hereunder. The security interests, evidenced <br />by security agreements, deed(s) of trust and assignments, cover certain revenues, accounts <br />and water rights of the BORROWER. The LOAN CONTRACT, security agreements, deed(s) of <br />trust and assignments grant additional rights to the STATE, including the right to accelerate the <br />maturity of this Note in certain events. <br /> <br />6. If any payment of principal or interest is not paid promptly when due or any default under the <br />LOAN CONTRACT or the security agreements, deed(s) of trust or assignments securing this <br />Note occurs, the STATE may declare the entire outstanding principal balance of the Note, and <br />all accrued interest, immediately due and payable, without notice or demand, and the <br /> <br />~ . '. <br /> <br />Appendix 2 to Loan Contract C153771 <br />
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