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� <br />BORROWER: SOUTH S1DE DITCH COMPANY <br />Contract No. C150129 <br />Loan Amount $72,000 <br />1 % Loan Service Fee $720 <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 03 PDA Qe� 7� <br />LOAN CONTRACT <br />THIS CONTRACT made this March 1, 2003, is by and befinreen the State of Colorado <br />for the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" and/or " STATE "), and South Side Ditch Company, 1612 W 1St <br />Street, Loveland Colorado 80537, a Colorado nonprofit corporation, (" BORROWER " and/or <br />"CONTRACTOR"�. <br />FACTUAL RECITALS <br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise <br />made available and a sufficient unencumbered balance thereof remains available for <br />encumbering and subsequent payment of this contract under: Contract Encumbrance <br />No. C150129, Fund Number 424, Appropriation Code MC3, Organization YYW, GBL <br />S129, Program WTRC, Object Code 5881, Reporting Category 0129. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />3. The Prto�ecr Summary, attached as Appendix 1 and incorporated herein, contains <br />BoRROwER Information (Section 1) th2 PROJECT Description (Section 2), CWCB's <br />authority for making this loan �Section 3), and CWCB Approval and Legislative <br />Authorization which defines the amount of the loan and the terms of repayment <br />(Section 4). <br />4. The CWCB now desires, by this contract, to loan money to the BORROWER fOP thlS <br />PRO�ECT upon mutually agreeable terms and conditions. <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br />A. . LOAN PROVISIONS <br />1. Loan Service Fee. The amount of #he loan (LOAN AMOUNT� shall include (1) the <br />amount of the funds loaned by the CWCB to the BoRROwER and (2) a service fee of <br />one percent (1 %) of the amount of the funds loaned. In the event thaf the BoRROwER <br />does not use the full loan amount authorized, the parties shall amend this contract to <br />revise the Loatv AnnourvT and to adjust the service fee to reflect 1% of the actual loan <br />amount disbursed to the BoRROwER. <br />2. Contract Amendment Service Fees. Under certain circumstances the BORROWER <br />shall be assessed fees for amending the contract. <br />a. A service fee shall be imposed on the BoRROwER for amendments processed for <br />the benefit of the BORROWER and necessary for the BORROWER course of <br />business, including, but not limited to, a change in borrower. name (novation), <br />assignment of contract, substitution of colfateral, loan payment deferments in <br />excess of 3 per loan, and loan consolidation. Amendments in the course of <br />CWCB business, including, but not limited to, loan payment deferments (up to 3 <br />Page 1 of 9 <br />