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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866.3441 <br />FAX: (303) 866.4474 <br /> <br />STATE OF COLOMDO <br /> <br />I) <br /> <br />Roy Romer <br />Covernor <br /> <br />November 30,1998 <br /> <br />James S. Lochhead <br />Executive Director, DNR <br /> <br />Daries C. Lile, PE. <br />Direclor, CWCB <br /> <br />Peter H. Evans <br />Acting Director, ewCB <br /> <br />DeWeese-Dye Ditch and Reservoir Co. <br />Attn: Ronald D. Dorn, President <br />1631 Chestnut Street <br />Canon City, CO 80212 <br /> <br />SUBJECT: Loan Contract C 153832 <br /> <br />Dear Mr. Dorn: <br /> <br />Enclosed for review are the contract documents for the loan from CWCB to the Company <br />in the amount of $734,000. <br /> <br />Loan Contract. Please verify that the names of the president and corporation secretary <br />and the federal identification number are correct. <br /> <br />Appendix 1 - Resolutions. The shareholders and board of directors must both adopt <br />resolutions authorizing the company to enter into the contract. Proposed resolutions are <br />provided that satisfy the conditions in paragraph A.7 of the loan contract. Also, the <br />Company must levy assessments that will satisfy paragraph A.7.b. Please contact Bill <br />Green for the amount of increase in the assessments necessary to satisfy the contract <br />conditions. <br /> <br />Appendix 2 - Promissory Note. This document outlines the terms of repayment of the <br />loan (referenced in the contract in paragraph A.9). <br /> <br />Appendix 3 - Revision Letter. This document, referred to in the contract in paragraph <br />A.10, is used only to extend the time for completion of the project or to reduce the loan <br />amount if the actual amount borrower is less than 90% of $734,000 (see paragraph A.9.c). <br /> <br />Appendix 4 - Deed of trust. The property the company is to use as collateral includes <br />the DeWeese Reservoir, dam and surrounding 1,040 acres of land. Please provide a copy <br />of the deed that conveyed this property to the company as well as a legal description for <br />the property that can be attached to the deed of trust as Attachment A (see paragraph <br />A.12). <br /> <br />Appendix 5 - Security Agreement. This document secures the Company's pledge of <br />revenues (see paragraph A.15.b). <br /> <br />Appendix 6 - Assignment of Deposit Account as Security. This document, addressed <br />in paragraph A.15.b, secures the revenues that are set aside to make the CWCB loan <br />payments. The Company must open a bank account and that account can be used only <br />