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<br />BORROWER: BUFFALO FARMS WATER <br />DEVELOPMENT,LLC <br />Contract No. C150191 <br />Project Amount $193,500 <br />Loan Service Fee $1,935 <br />Loan Amount $195,435 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 05 PDA ~ () 0 3'-"(. <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />(STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003) <br /> <br />THIS CONTRACT, made this January 1, 2005, is by and between the State of <br />Colorado for the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" or "STATE"), and Buffalo Farms Water Development, LLC, a <br />Colorado limited liability company, 1743 CR 25, Merino, Colorado 80741 ("BORROWER"). <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. C150191, Fund Number 424, Appropriation Code MS5, Organization YVYY, GBL <br />B 191, Program WTRC, Object Code 5882, Reporting Category 0191. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <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 identifies the amount of the loan and the terms of repayment <br />(Section 4). <br /> <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 /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br /> <br />A. LOAN PROVISIONS <br /> <br />1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the <br />amount of the funds loaned by the CWCB to the BORROWER for the PROJECT and (2) <br />a service fee of one percent (1 %) of the PROJECT amount. In the event that the <br />BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this <br />contract to revise the LOAN AMOUNT including adjustment of the service fee to reflect <br />1 % of the actual LOAN AMOUNT disbursed to the BORROWER. <br /> <br />2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER <br />shall be assessed a fee for amending the contract. <br /> <br />Page 1 of 10 <br />