HomeMy WebLinkAboutC82-036 Edwards Village Partnership_promissory noteen
PROMISSORY NOTE
$348,840.00 Eagle, Colorado April 13 , 1982
EDWARDS VILLAGE PARTNERSHIP, a Colorado partnership ("Maker"),
`ry promises to pay to the order of COUNTY OF EAGLE, STATE OF COLORADO, BY
AND THROUGH ITS COUNTY COMMISSIONERS ("Payee"), at P.O. Box 850,
Eagle, Colorado 81631, the principal sum of $ 3489840.00
together with simple interest from and after the date hereof at the
rate of zero percent (0%) per annum, with such principal sum payable
in its entirety September 30, 1984.
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This Note is secured by and is entitled to the benefits of a
Deed of Trust (the "Deed of Trust") from Maker to the Public Trustee
of Eagle County, Colorado, of even date herewith. Reference is made
to the Deed of Trust for a description of the property conveyed and
encumbered thereby, the rights and remedies of the holder hereof
thereunder, and the terms and conditions upon which this Note is
secured thereby.
At the option of the holder hereof, the entire unpaid
principal of this Note and any interest accrued thereon may be
declared due and payable and the maturity of this Note accelerated if
any payment required by this Note is not made when due or if a default
(whether in the performance of any covenants or the breach of any
representation of warranty or otherwise) occurs under the terms of the
Deed of Trust and'such payment or default is not cured within ten (10)
days of notice to Maker.
Maker and any signer, guarantor or endorser hereof waive
demand, presentment, and notice of dishonor and protest, and assent to
any extension of time with respect to any payment due under this Note,
to any substitution or release of collateral, -and to the addition or
release of any party. Each signer, guarantor and endorser hereof
guarantees payment of this Note according to its terms. No waiver of
any payment or any other right under this Note shall operate as a
waiver of any other payments or rights under this Note. Maker and any
signer, guarantor or endorser hereof shall pay all reasonable costs of
collection, with or without suit, paid or incurred in enforcing this
Note, including attorney's fees.
Maker may prepay this Note at any time and from time to time,
without penalty.
This Note and the Deed of Trust are given as collateral
pursuant to that certain Subdivision Improvements Agreement -(the
"Agreement") dated September 30, 1981 and entered into between Maker
and Payee. Reference is made to the Agreement for a description of
the rights of the holder hereof to receive payment hereunder. The
performance of 'Maker's -obligations under the Agreement shall be deemed
payment in full of this Note and Payee shall immediately cause the
Deed of Trust to be fully released. ,
By.
By.
By.
Ronaid R. Sha.rp"as Aj)
Attorney -in -Fact for
Gregory A. Kraft, Gener
(as Secretary thereof)
C16
