HomeMy WebLinkAbout953619$1,648,350.00
RECEIVED 5/24/2010 at 2:19 PM
RECEIVING 953619
BOOK: 747 PAGE: 655
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
RENEWAL PROMISSORY NOTE
RJ040810/F
00 655
DATED: A j o r,`I 11 2010
FOR VALUE RECEIVED, as provided in 2010 Wyoming Session Laws, Chapter 68,
and the Project Agreement dated /t4ay 20(0 the undersigned TOWN OF STAR
VALLEY RANCH promises to pay to the order of the STATE OF WYOMING, WYOMING
WATER DEVELOPMENT COMMISSION (hereinafter THE COMMISSION 6920
Yellowtail Road, Cheyenne, Wyoming, the principal sum of ONE MILLION SIX HUNDRED
FORTY -EIGHT THOUSAND THREE HUNDRED FIFTY DOLLARS and NO CENTS
($1,648,350.00), over a term of thirty (30) years, with interest thereon at the rate of four
percent (4 per annum as provided hereinafter.
The principal and interest shall be paid in amortized installments payable annually in
manner and form as follows: Thirty annual payments commencing on the first day of
December immediately following the first anniversary of the date on which the
COMMISSION determines benefits accrue to the SPONSOR. Any loan payments required
prior to final disbursement of loan funds from the COMMSSION to the SPONSOR shall be
calculated by amortizing the principal balance over the remaining term of the loan at the
rate provided herein. Upon disbursement of the final payment, the principal balance will be
determined and remaining annual payments amortized over the remaining term of the loan
in equal annual payments. The remaining payments will be due on or before the first day of
each December of each and every year with a final payment of all outstanding principal
and all accrued interest due on or before the thirtieth anniversary of the date the
COMMISSION determines benefits accrue to the SPONSOR, unless sooner discharge in
full.
The maker hereof shall have the right and privilege of making extra payments at any
time, or of paying the entire unpaid balance at any time, and in the event extra or
prepayments are made, interest shall be charged thereafter only on the unpaid principal
balance remaining due.
In the event that the entire unpaid balance is paid prior to maturity, no advance
interest or prepayment penalty shall be assessed except for interest due and payable on
the unpaid principal balance to the date of payment in full. Advance, extra or prepayments
shall not reduce the annual payments as herein provided, but will operate only to discharge
the loan at an earlier date.
Interest and principal not paid when due shall draw interest thereafter at the rate of
ten percent (10 per year on the delinquent interest and principal until paid.
Time is of the essence of this Renewal Promissory Note, and if the annual payment
is not received by the due date of each year, the maker hereof will be in default, and the
holder may proceed against the maker and its collateral as provided by law.
The waiver of either party hereto of any breach, condition, or provision of this
Renewal Promissory Note shall be limited to the particular instance, and shall not operate
or be deemed to waive any future breach or breaches of said condition or provision. The
failure of either party to insist in any one instance, or more, upon the performance of any of
the conditions or provisions of this Renewal Promissory Note, or to exercise any right or
privilege herein conferred, shall not be construed as waiving any such condition, provision,
right, or privilege, but the same shall continue in full force and effect.
This Renewal Promissory Note revises the promissory note dated June 4, 2009 and
is secured by a mortgage dated June 4, 2009 and amended on this even date herewith.
STAR VALLEY RANCH WTR. SUPPLY
PROMISSORY NOTE
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RJ04081 0/F
The., maker, and ,endarser, of this note hereby, accepts the conditions hereof and
expressly waives presentment for,payment protest and notice of protest for nonpayment
hereof.and,all defenses ors,t4,greawods any.extension of time of payment that may be
given by the h.oldei hereof ta. them:.,
In,the:eve,nt, of suit.to enforce,pay,, en m„ t of this n note or any installment, interest, or
part thereof, the undersigned maker agrees to pay, in addition to the costs and
disbursements provided'.and allowed by law, reasonable attorneys' fees.
Attest:
Brenda Bauer, Town Clerk
TOWN OF STAR VALLEY RANCH
o .'Siddoway, Mayor
0
~sd, EST. 1 *P
WYOMING WATER DEVELOPMENT COMMISSION
Mitchel T. Cottenoir, Chairman
Kent Shurtleff, Secretary
STAR VALLEY RANCH WTR. SUPPLY
PROMISSORY NOTE
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