|
<br />PROMISSORY NOTE
<br />
<br />Date:
<br />
<br />August 1, 2002
<br />
<br />Silver Springs Trout Farm, Inc, and Daniel A, and Jacqueline
<br />Sherwood Trust U/A DTD 12/6/95, jointly and severally
<br />13221 Marine Road
<br />Montrose, CO 81401
<br />
<br />$ 365,000
<br />
<br />2,5% per annum
<br />
<br />Borrower:
<br />
<br />Principal Amount:
<br />Interest Rate:
<br />
<br />Term of Repayment: 15 years
<br />
<br />Loan Contract No, : C150091, dated August 1, 2002
<br />
<br />Loan Payment: $29,479,76
<br />
<br />Date of Completion: IV ,,"~_ J.~ I I ~ ~ &> z..
<br />
<br />Maturity Date: JI,/,,~.._I.~- I , 2.~/ 7
<br />
<br />1, FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation
<br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to
<br />the LOAN CONTRACT,
<br />
<br />2, Principal and interest shall be payable in equal Loan Payments, with the first payment due and
<br />payable one year from the Date of Completion, which is the date the CWCB determines that
<br />the project is substantially complete, and annually thereafter until all principal, interest, and
<br />late charges, if any, have been paid in full, with all such principal, interest, and late charges,
<br />required to be paid on or before the Maturity Date,
<br />
<br />3, Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street,
<br />Room 721, Denver, Colorado 80203,
<br />
<br />4, The CWCB may impose a late charge in the amount oL5% of the annual payment if the
<br />CWCB does not receive the annual payment within 15 calendar days of the due date,
<br />
<br />5. This Note may be prepaid in whole or in part at any time without premium or penalty, Any
<br />partial prepayment shall not postpone the due date of any subsequent payments or change
<br />the amount of such payments,
<br />
<br />6, All payments received shall be applied first to late charges, if any, next to accrued interest and
<br />then to reduce the principal amount.
<br />
<br />7, This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER.
<br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt
<br />payment of all amounts that may become due hereunder, Said security interests are
<br />evidenced by a Security Agreement(s), Deed(s) of Trust, and/or Assignment(s) of even date
<br />and amount and cover certain revenues, real property, water rights and/or accounts of the
<br />BORROWER, The LOAN CONTRACT, Security Agreement, Deed of Trust, and/or Assignment
<br />grant additional rights to the CWCB, including the right to accelerate the maturity of this Note
<br />in certain events,
<br />
<br />8, If any annual payment is not paid when due or any default under the LOAN CONTRACT or the '
<br />Security Agreement, Deed of Trust, or Assignment securing this Note occurs, the CWCB may
<br />
<br />Appendix 2 to Loan Contract C15091
<br />
|