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BORROWER: NORTH POUDRE IRRIGATION CO Agency Name: Water Conservation Board <br />Contract No. C150170 Agency Number PDA <br />Project Amount $608,000 Routing Number 05 PDA C�� <br />Loan Service Fee $6,080 <br />Loan Amount $614,080 <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #16O - APPROVED NOVEMBER 1 O, 2003� <br />THIS CONTRACT made this August 1, 2004, is by and between the State of <br />Colorado for the use and benefit of The Department of Natural Resources, Colorado <br />Water Conservation Board ("CWCB" or " STATE "), and The North Poudre Irrigation <br />Company, 3229 Cleveland Avenue, Wellington, Colorado 80539, a Colorado nonprofit <br />corporation, (" BORROWER "). <br />FACTUAL RECITALS <br />1. Authority exists in the law, and funds have been budgeted, appropriated and <br />otherwise made available and a sufficient unencumbered balance thereof remains <br />available for encumbering and subsequent payment of this contract under: Contract <br />Encumbrance No. C150170, Fund Number 424, Appropriation Code MC4, <br />Organization WYY, GBL N170, Program WTRC, Object Code 5882, Reporting <br />Category 0170. � <br />2. � Required approval, clearance, and coordination have been accomplished from and <br />with appropriate agencies. <br />3. The PRO,�ecT Summary, attached as Appendix 1 and incorporated herein, contains <br />BoRROwER Information (Section 1) the PRO,IECT 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 />4. The CWCB now desires, by this contract, to loan money to the BoRROwER for this <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 />Loan Service Fee. The amount of the loan (LoaN annouNT) shall include (1) the <br />amount of the funds loaned by the CWCB to the BoRROwER for the PRO��cT and <br />(2) a service fee of one percent (1 %) of the PRO�ECT amount. In the event that the <br />BoRROwER does not use the LoaN AMOUtvT authorized, the parties shall amend this <br />contract to revise the LoaN AMOUtvT including adjustment of the service fee to <br />reflect 1% of the actual LoaN AMOUNT disbursed to the BoRROwER. <br />2. Contract Amendment Service Fees. Under certain circumstances, the <br />BoRROwER shall be assessed a fee for amending the contract. <br />Page 1 of 10 <br />