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<br />BORROWER: LAKE ARROWHEAD WATER ASSN <br />Contract No. C150113 <br />Project Amount $300,000 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 04 PDA aJO~ <br /> <br />LOAN CONTRACT <br /> <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10,2003) <br /> <br />THIS CONTRACT, made this January 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 Lake Arrowhead Water <br />Association, 5766 Arrowhead Drive, Greeley, CO 80634, a Colorado nonprofit corporation <br />("BORROWER"). <br /> <br />FACTUAL RECITALS <br /> <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. C150113, Fund Number 424, Appropriation Code MC3, <br />Organization YVYY, GBL L 113, Program WTRC, Object Code 5882, Reporting <br />Category 0113. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and <br />with 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 />