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PROJC01294
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PROJC01294
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Last modified
5/28/2013 8:44:33 AM
Creation date
10/6/2006 12:20:13 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153793
Contractor Name
Buffalo Mutual Irrigation Company
Contract Type
Loan
Water District
67
County
Prowers
Bill Number
SB 97-008
Loan Projects - Doc Type
Contract Documents
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<br />.'\" <br /> <br />.....,-~ <br />r' <br /> <br />1. FOR VA1.UE RECEIV'ED, Th <br />State of Colorado Water Cons <br />payments of $ 2 439.49 base <br />balance for term 30 year <br />CONTRACT") <br /> <br />~. e first pa ent sh be due one year from the date the STATE determines that the PROJECT described <br />i the LOAN ACT has been substantially completed, and annually thereafter until the entire <br />incipal sum and any accrued interest shall have been paid in full. <br />/'- <br />3. I 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 />PROMISSORY NOTE <br /> <br />Date (1.-1/<-"-7. II 1998 <br /> <br />tion Company ("BO~ROWER") promises to pay the <br />"ST "j, the principal sum of $382,250.00 with annual <br />n the inter te of 3.75% per annum on the outstanding principal <br />or until paid in full, pursuant to Loan Contract #C153793 ("LOAN <br /> <br /> <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. Any partial <br />prepayment shall not postpone the due date of any subsequent payments or change the amount of <br />such payments. <br /> <br />5. This Note is issued pursuant to the LOAN CONTRACT' between the STATE and the BORROWER. The LOAN <br />CONTRACT creates security interests in favor of the STATE to secure the prompt payment of all amounts <br />which may become due hereunder. The security interests, evidenced by a security agreement and by <br />assignments, cover certain revenues and accounts of the BORROWER. The LOAN CONTRACT, security <br />agreement 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 LOAN <br />CONTRACT or the security agreements andlor assignments securing this Note 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 15% per <br />annum from the date of default. <br /> <br />7. The BORROWER, any guarantor, and any successor of the BORROWER who 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 incurr nnection with such <br />proceedings, including the fees of counsel for attendance at meetings ommittees or other <br />.;;. <br />committees. <br /> <br />8. This Note shall be governed in all respects by the laws of th <br /> <br />Attes,: <br /> <br />BYJ!. [Lr4< <br />Rpdney <br /> <br /> <br />MI4/qq OJu~ tlP.tz.a/l.d ~ Ct:#1'r;P <br />kj>W---e.M ,wi /hem 0cUf c7cdE ~ <br />8!tlqq Wx $ 453i d-6(J <br />U ./\6t',.,l/\ <br />Exhibit 2 to Loan Contract C153793 Amendmerrt.J1- <br /> <br /> <br />(S E A L) <br />
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