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BORROWER: BILL PORTER Contract No. C150116 Loan Amount $1,000,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number: 03 PDA a��37 LOAN CONTRACT THIS CONTRACT made this November 1, 2002, is by and between the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" and/or " STATE "), and Bill Porter, an individual, 857 County Road 314, New Castle, CO 81647, (" BORROWER " and/or " CONTRACTOR "). FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient �nencumbered balance thereof remains available for encumbering and subsequent payment of this contract under: Contract Encumbrance No. C150116, Fund Number 424, Appropriation Code MC3, Organization YYYY, GBL P116, Program WTRC, Object Code 5891, Reporting Category 0116. t 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. The PRO.IecT Summary, attached as Appendix 1 and incorporated herein, contains BORROWER Information (Section 1) th2 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 fOP thlS PRO�ECT 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 Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LoaN AMOUtvT and the BoRROwER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, in the form attached hereto as Appendix 2 and incorporated herein. The initial Promissory Note shall identify the LoaN AMOUNT. If the amount of loan funds disbursed by the CWCB to the BORROWER differs from the LOAN AMOUNT the parties agree to amend this contract to revise the LoaN AnnourvT. 2. Interest Prior to Prto.tecT Completion. As the loan funds are disbursed by the CWCB t0 the BORROWER interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued prior to substantial completion of the PRO�ECr and notify BoRROwER of such amount. The BoRROwER shall repay that amount to the CWCB either within ten (10) days from the date of notification from the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the Page 1 of 9