LPPD000273

• Contract/PO #: C153669
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 3
• County: Grand
• Loan Projects - Doc Type: Contract Documents

lOAN CONTRACT
IIindsor Reservoir and Canal Co.
Emergency loan

($300,000.00), said repayment shall include the principal sum with interest at the rate of
four and one quarter percent (4.25%) per annum, and shall be made in constant annual
installments of Seventeen Thousand, Eight Hundred, and Seventy-nine Dollars and
Forty-Seven Cents ($17,879.47) each, for thirty (30) years, as shown in Exhibit B,
attached hereto and incorporated by reference herein, which first installment shall be
due and payable on the first day of the month, one year after the month that the State
determines that the project has been substantially completed, and yearly thereafter until
the entire principal sum and any accrued interest shall have been paid. Said
installment payments shall be made payable to the Colorado Water Conservation
Board, payable at the offices of said Board in Denver, Colorado.

6d. (No Prepayment Penalty): Prepay the loan in full at any time, at the
Borrower's option, for which there shall be no prepayment penalty.

6e. (Make Advanced Principal Payments without Penalty): Have the right to
prepay any part of the principal at any time without penalty. In the event of any
prepayment, this Contract shall not be treated as in default with respect to payment so
long as the unpaid balance' of principal and interest is less than it would have been had
the periodic payments been made' as stated above.

6f. (Not Sell or Convey any Collateral until the Loan is Re~'d): Not sell,
convey, assign, grant, transfer, mortgage, pledge, encumber, oroth Pi..4.<ts of the
project or any portion thereof or the assessment revenues pledge ~~ oan
herein, so long as any of the principal and any accrued inter.fJ\6flurm~he
~;~~s~~2'e~ote of the contract remain unpaid, without theJl!l.<'1f/wrJ.Or;lt~ce

7. (DEED OF TRUST PROVISIONS):

7a. (Security for the Loan): As security for the loan to be made to it by the
State, executed a deed of trust as shown in Exhibit C. The security provided shall bean
undivided one hundred percent (100%) interest in the following: '

All portions of the Poudre Valley Canal which lie within section 13, T 8 N,
R 70 W, Sixth Principal Meridian, and all appurtenant structures thereto. ,

7b. (Upon Default by the Borrower, the State has these Options): Upon default
in the payments herein set forth to be made by the Borrower, or default in the
performance of any covenant or agreement contained herein, the State, at its option,
may: (a) declare the entire principal amount then outstanding immediately due and
payable; (b) for the account of the Borrower, incur and pay reasonable expenses for
repair, maintenance, and operation of the project herein described and such expenses

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