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<br />>.,.-. <br /> <br />BORROWER: STROMBERGER LAND & CATTLE CO. <br />Contract No. C150123 <br />, Loan Amount $414,000 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA Q <br />Routing Number 03 PDA (JoG ~ I) <br /> <br />LOAN CONTRACT <br /> <br />THIS CONTRACT, made this May 1, 2003, 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 Stromberger Land and Cattle Company <br />LLC, 14063 Summit Drive, Sterling, CO 80751, a limited liability company ("BORROWER" or <br />"CONTRACTOR"). <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. C150123, Fund Number 424, Appropriation Code MC3, Organization YYYY, GBL <br />S123, Program WTRC, Object Code 5881, Reporting Category 0123. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <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 defines 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 />PROJECT 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 />1. Contract Amendment Service Fees. Under certain circumstances, the BORROWER <br />shall be assessed fees for amending the contract. <br />a. A service fee shall be imposed on the BORROWER for amendments processed for <br />the benefit of the BORROWER and necessary for the BORROWER'S course of <br />business, including, but not limited to, a change in borrower name (novation), <br />assignment of contract, substitution of collateral, loan payment deferments in <br />excess of 3 per loan, and loan consolidation. Amendments in the course of <br />CWCB business, including, but not limited to, loan payment deferments (up to 3 <br />per loan) and changes in terms of loan repayment will be processed at no <br />additional charge to the borrower. <br />b. The amount charged shall be the fee rate structure in accordance with the CWCB <br />Loan Service Charge Policy in effect at the time the BORROWER shall request an <br />amendment. The current fee for an amendment is $1,000. <br />c. The BORROWER shall remit the service fee to the CWCB prior to initiation of the <br /> <br />Page 1 of 8 <br />