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c BORROWER: STIES BROS. Contract No. C150136 Project Amount $151,500 1% Service Fee $1,515 Loan Amount $153,015 Agency Name: Water Conservation Board Agency Number PDA Routing Number 03 PDA {)OO'iJlf if , LOAN CONTRACT THIS CONTRACT, made this May 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" or "STATE"), and Stieb Bros~, Inc., 19679 Co. Rd. 55, Iliff, Colorado 80736, a Colorado corporation ("BORROWER" or "CONTRACTOR"). FACTUAL RECITALS 1. Authority exists in the law, and fupds 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. C150136, Fund Number 424, Appropriation Code MC3, Organization YYYY, GBL S 136, Program WTRC, Object Code 5881 , Reporting Category 0136. 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 the 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), Page 1 of 9