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<br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866.3441 <br />FAX: (303) 866-4474 <br /> <br />STATE OF COLOMDO <br /> <br />.~ <br /> <br />February 19, 1998 <br /> <br />Roy Romer <br />Governor <br /> <br />VIA OVERNIGHT MAIL <br /> <br />j;lmes S. Lochhe;id <br />Executive Director, DNR <br /> <br />DMies C. Lile. P.E. <br />Director, CWCB <br /> <br />Arkansas Groundwater Users Association <br />Attn: Clifford G. Walter, Vice-President <br />P. O. Box 7 <br />1 00 West 1st Street <br />Manzanola, CO 81058 <br /> <br />Subject: Loan Contract C153808 <br /> <br />Dear Mr. Walter: <br /> <br />Enclosed for signature are the documents for the loan to Arkansas Water Users <br />Association in the amount of $590,590. <br /> <br />Bill Green has reviewed the appraisal report and is satisfied with the information, but <br />the report must also be reviewed by a couple other people. We do not anticipate any <br />problems with the remaining reviews. We will contact you immediately if any questions <br />arise. <br /> <br />The following documents will be needed for the loan contract. <br /> <br />Loan Contract. All four copies must be executed by the Vice-President, attested by <br />the corporate secretary, and the corporate seal affixed. Leave the date on the first <br />page blank; it will be filled in after CWCB signs the contract. <br /> <br />- Appendix 1 - Resolutions. Please provide a signed copy of resolutions adopted by <br />the members and the board of directors authorizing the company to enter into the <br />loan contract. <br /> <br />- Appendix 2 - Promissory Note. This document must be executed by the Vice- <br />president, attested by the corporate secretary, the corporate seal affixed, and the <br />date of executed filled in at the top of the form. <br /> <br />Appendix 3 - Revision Letter. This is a form and will be used only to reduce the <br />final loan amount if AGUA does not borrow all of the funds or to extend the time for <br />completion of purchasing the shares. <br /> <br />- Appendix 4 - Deed of Trust. This document will be executed when AGUA <br />purchases the 1007 shares of Excelsior Irrigating Company. It must be executed by <br />the vice-president, attested by the corporate secretary, the corporate seal affixed, <br />the date of executed filled in, and the signature of the vice-president notarized. <br /> <br />Appendix 5 - Security Agreement - 1007 shares of Excelsior Irrigating Company. <br />This document will be executed when AGUA purchases the shares. It must be <br />