C153795 Contract

• Contract/PO #: C153795
• Contractor Name: Farmers Independent Ditch Company
• Contract Type: Loan
• Water District: 2
• County: Weld
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

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PROMISSOR1t' NOTE

Principal Amount:
Term:
Loan Contract:

$55.000
30 Years
#C153795

Interest Rate:
Loan Payment:
Date:

3.75%
$3,084,82
1')()( J'lNIUJ;./4 . 1997

1. FOR VALUE RECEl'lED, The Farmers Independent Ditch Company ("BORROWER") promises to pay the State
of Colorado Water Conservation Board ("STATE"), the principal sum of $55,000,00 with annuai payments of
$3,084.82 based on the interest rate of 3.75% per !lnnum on the outstanding principal balance for a term of 30
years, or until paid in full, pursuant to Loan Contract #C153795 ("LOAN CONTRACT").

2, The first payment shall be due one year from the d!lte the STATE determines that the PROJECT described in the
LOAN CONTRACT has been substantially completed, !lnd annually thereafter until the entire principal sum and any
accrued interest shall have been paid in full.

3. All payments received shall be applied first to accrued interest and then to the retirement of the principal.
Payments shall be made payable to the Colorado W!lter Conservation Board and mailed to 1313 Sherman Street,
Room 721, Denver, Colorado 80203.

4, This Note may be prepaid in whole or in part at any time without premium or penalty, with prepayments applied
first to any accrued interest and then to reduce the principal amount. Any partial prepayment shall not postpone
the due date of any subsequent payments or change the amount of such payments.

5. This Note is issued pursuant to the LOAN CONTRACT tletween the STATE and the BORROWER. The LOAN CONTRACT
creates security interests in favor of the STATE to secure the prompt payment of all amounts which may become
due hereunder. The security interests, evidenced tly a security agreement and by assignments, cover certain
revenues and accounts of the BORROWER. The LOAN CONTRACT, security agreement and assignments grant
additional rights to the STATE. including the right to ac:celerate the maturity of this Note in certain events.

6, If any payment of principal or interest is not paid promp~y when due or any, default under the LOAN CONTRACT or
the security agreements and/or assignments securing this Note occurs, the STATE may declare the entire
outstanding principal balance of the Note, and all accrued interest, immediately due and payable, without notice or
demand, and the indebtedness shall bear interest at !he rate of 15% per annum from the date of default.

7, The BORROWER, any guarantor, and any successor of the BORROWER who may hereafter become primarily or
secondarily liable for the payment of this Note or any portion thereof hereby agree that if this Note or interest
thereon is not paid when due or suit is brought. tllen it shall pay all reasonable costs of collection, including
reasonable attomey fees. In the event of any bankruptcy or similar proceedings, costs of collection shall include
all costs and attomey fees incurred in connection with such proceedings, including the fees of counsel for
attendance at meetings of creditors' committees or other committees.

8, This Note shall be govemed in all respects by the laws of the State of Colorado,

BORROWER: The Farmers Independent Ditch Company,
a Colorado nonprofit corporation

By

sldent

By

Attest:

Appendix 2 to Loan Contract C153795