Laserfiche WebLink
MVa2 -00� RECEIVED <br />DEC 10 2014 <br />PROMISSORY NOTE DIVISION OF RECLAMATION <br />INNING AND SAFETY <br />$ 70,000.00 September 11, 2014 <br />On or before January 31, 2015, for value received, the undersigned WILLIAMS <br />CONSTRUCTION CONTRACTORS (the "Borrower") promises to pay to the order of <br />MARILYN C. MICHALS -ALLEN (the "Holder"), in the manner and at the place <br />provided below, the principal sum of $ 70,000.00. <br />1. PAYMENT. <br />All payments of principal and interest under this note shall be made in lawful money of <br />the United States of America, in same day funds, without offset, deduction, or <br />counterclaim, at PO Box 1166, Norwood, CO 81423, or at such other place as the Holder <br />may designate in writing. <br />2. PAYMENT. <br />Principal and interest will be payable in ONE Balloon Payment on or before January 31, <br />2015. Payment will be credited first to interest and then to principal. Acceptance by the <br />Holder of any payment differing from the designated installment payment listed above <br />does not relieve the Borrower of the obligation to honor the requirements of this note. <br />3. INTEREST. <br />Interest on the unpaid principal balance of this note is payable from August 27th, 2014, <br />until this note is paid in full, at the rate of 5 % per year. Accrued interest will be <br />computed on the basis of a 365 -day year, based on the actual number of days elapsed in <br />the period in which it accrues. <br />4. PREPAYMENT. <br />The Borrower may prepay this note, in whole or in part, at any time before maturity <br />without penalty or premium. Any partial prepayment will be credited first to accrued <br />interest, then to principal. <br />5. EVENTS OF DEFAULT. <br />Each of the following constitutes an "Event of Default" under this note: (i) the <br />Borrower's failure to make any payment when due under the terms of this note, <br />including the final payment due under this note when fully amortized, (ii) the filing of <br />any voluntary or involuntary petition in bankruptcy by or regarding the Borrower or the <br />initiation of any proceeding under bankruptcy or insolvency laws against the Borrower; <br />(iii) an assignment made by the Borrower for the benefit of creditors; or (iv) the <br />