C150148 Contract

• Contract/PO #: C150148
• Contractor Name: Ogilvy Irrigating and Land Company
• Contract Type: Loan
• Water District: 3
• County: Weld
• Loan Projects - Doc Type: Contract Documents

BORROWER: OGILVY IRRIGATING AND LAND CO.
Contract No. C150148
Project Amount $350,000
1 % Loan Service Fee $3,500
Loan Amount $353,500

Agency Name: Water Conservation Board
Agency Number PDA
Routing Number: 04 PDA OOOd~

LOAN CONTRACT

THIS CONTRACT, made this October 1, 2003, is by and between the State of
Colorado for the use and benefit of The Department of Natural Resources, Colorado Water
Conservation Board ("CWCB" and/or "STATE"), and The Ogilvy Irrigating and Land
Company, 822 ih Street, Suite 760, Greeley, Colorado 80631, a Colorado nonprofit
corporation, ("BORROWER" and/or "CONTRACTOR").

FACTUAL RECITALS

1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise
made available and a sufficient unencumbered balance thereof remains available for
encumbering and subsequent payment of this contract under: Contract Encumbrance
No. C150148, Fund Number 424, Appropriation Code MC4, Organization YYYV, GBL
0148, Program WTRC, Object Code 5881, Reporting Category 0148.
2. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains
BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's
authority for making this loan (Section 3), and CWCB Approval and Legislative
Authorization which defines the amount of the loan and the terms of repayment
(Section 4).
4. The CWCB now desires, by this contract, to loan money to the BORROWER for this
PROJECT upon mutually agreeable terms and conditions.
THEREFORE, in consideration of the mutual and dependent covenants contained
herein, the parties agree as follows:
A. LOAN PROVISIONS
1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the
amount of the funds loaned by the CWCB to the BORROWER and (2) a service fee of
one percent (1 %) of the amount of the funds loaned. In the event that the BORROWER
does not use the full loan amount authorized, the parties shall amend this contract to
revise the LOAN AMOUNT and to adjust the service fee to reflect 1 % of the actual loan
amount disbursed to the BORROWER.
2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER
shall be assessed fees for amending this contract.
a. A service fee shall be imposed on the BORROWER for amendments processed for
the benefit of the BORROWER and necessary for the BORROWER'S course of
business, including, but not limited to, a change in BORROWER name (novation),
assignment of contract, substitution of collateral, loan payment deferments in
excess of 3 per loan, and loan consolidation. Amendments in the course of

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