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<br />BORROWER: TERRACE IRRIGATION CO. <br />. Contract No. C150171 <br />Project Amount $243,000 <br />Loan SeNice Fee $2,430 <br />Loan Amount $245,430 <br /> <br />Agency Name: Water ConseNation Board <br />Agency Number PDA <br />Routing Number 04 PDA {;fYJ1.~ <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />(STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003) <br /> <br />THIS CONTRACT, made this April 1 ,2004, is by and between the State of Colorado for <br />the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" or "STATE"), and The Terrace Irrigation Company, 10299 <br />County Road DD, La Jara, CO 81140, a Colorado nonprofit corporation ("BORROWER"). <br /> <br />FACTUAL RECITALS <br /> <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. C150171, Fund Number 424, Appropriation Code MS4, Organization YYYV, GBL <br />T171, Program WTRC, Object Code 5882, Reporting Category 0171. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's <br />authority for making this loan (Section 3), and CWCB Approval and Legislative <br />Authorization which identifies the amount of the loan and the terms of repayment <br />(Section 4). <br /> <br />4. The CWCB now desires, by this contract, to loan money to the BORROWER for this <br />PROJECT upon mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br /> <br />A. LOAN PROVISIONS <br /> <br />1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the <br />amount of the funds loaned by the CWCB to the BORROWER for the PROJECT and (2) <br />a service fee of one percent (1 %) of the PROJECT amount. In the event that the <br />BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this <br />contract to revise the LOAN AMOUNT including adjustment of the service fee to reflect <br />1 % of the actual LOAN AMOUNT disbursed to the BORROWER. <br /> <br />2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER <br />shall be assessed a fee for amending the contract. <br /> <br />a. A service fee shall be imposed on the BORROWER for amendments processed for <br /> <br />Page 1 of 10 <br />