Laserfiche WebLink
<br />-, <br /> <br />Promissory Note <br /> <br />Principal Amount: <br />Term: <br />Loan c.ontract: <br /> <br />$334,053.87 <br />30 Years <br />No. C153773 <br /> <br />Interest Rate: <br />Loan Payment: <br />Date of Note: <br /> <br />5% <br />$21,730.68 <br />May 1, 2000 <br /> <br />1. For Value Received, the Town of Morrison ("BORROWER") promises to pay the State of Colorado Water <br />Conservation Board ("STATE"), the principal sum of Three Hundred Thirty Four Thousand and Fifty <br />Three and 87/00 Dollars ($334,053.87) with annual payments of Twenty One Thousand Seven <br />Hundred Thirty and 68/100 Dollars ($21,730.68) based on the interest rate of Five Percent (5%) per <br />annum on the outstanding principal balance for a term of thirty (30) years, or until paid in full, pursuant <br />10 Loan Contract No. C153773, as amended ("LOAN CONTRACT"). <br /> <br />2. The first installment shall be due on July 22, 1999, and annually thereafter until the entire principal sum <br />and any accrued interest shall have been paid in full. <br /> <br />3. All payments received shall be applied 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 mailed to <br />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 prepayments <br />applied first to any accrued interest and then to reduce the principal amount. Any partial prepayment <br />shall not postpone the due date of any subsequent payments or change the amount of such payments. <br /> <br />5. This Note is issued pursuant to the LOAN CONTRACT between the STATE and the BORROWER. The <br />LOAN CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all <br />amounts which may become due hereunder. The security interests, evidenced by a Security <br />Agreement and a Deed of Trust, cover certain revenues, accounts and other property of the <br />BORROWER. The LOAN CONTRACT, Security Agreement and Deed of Trust grant additional rights to the <br />STATE, including the right to accelerate the 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 LOAN <br />CONTRACT or the Security Agreement or Deed of Trust securing this Nole occurs, the STATE may <br />declare the entire outstanding principal balance of the Note, and all accrued interest, immediately due <br />and payable, without notice or demand, and the indebtedness shall bear interest at the rate of 7% per <br />annum from the date of default. <br /> <br />7. The BORROWER, any guarantor, and any other person who is now or may hereafter become primarily <br />or secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or <br />interest thereon is not paid when due or suit is brought, then it shall pay all reasonable costs of <br />collection, including reasonable attorney fees. In the event of any bankruptcy or similar proceedings, <br />costs of collection shall include all costs and attorney fees incurred in connection with such <br />proceedings, including the fees of counsel for attendance at meetings of creditors' committees or other <br />committees. <br /> <br />8. This Note shall be governed in all respects by the laws of the State of Colorado. <br /> <br />BORROWER: The Town of Morris <br /> <br /> <br />By ~ <br />Kathleen A. Dichter, Mayor <br /> <br />Attest: <br /> <br /> <br />dmlnistrator <br /> <br />Exhibit A to Loan Contract C153773 Amendment No.1 <br />