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

Promissory Note

Principal Amount:
Term:
Loan Contract:

$37,585.96
30 Years
No, C153795

Interest Rate:
Loan Payment:
Date:

3-75%
$2,108, 11
April 29, 1999

1. For Value Received, The Farmers Independent Ditch Company ("BORROWER") promises to pay the State
of Colorado Water Conservation Board ("STATE"). the principal sum of Thirty Seven Thousand Five Hundred
Eighty Five and 96/100 Dollars ($37,585,96) with annual payments of $2,108, 11 based on the interest rate of
3.75% per annum on the outstanding principal balance for a term of 30 years. or until paid in full, pursuant to
Loan Contract No. C153795, as amended ("LOAN CONTRACT"),

2. The first payment shall be due on April 29, 1999, and 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 Water 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 tim@ without premium or penaity, with prepayments applied
first to any accrued interest and then to reduce the principal, amount. Any partiai 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 between 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 by 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 acceierate the maturity of this Note in
certain events.

6, If any payment of principal or interest is not paid promptly when due or any default under the LOAN CONTRACT
or the security agreements andlor assignments securirg 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 the 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, then 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.

( SEAL)

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

By

Attest:

Frank A. Eckhardt, Jr., President

Exhibit A to loan Contract C153795 Amendment No. 1