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LOAN CONTRACT Red Mesa Ward - Reservoir and Ditch Co. Feasibility Study which work has been performed, and the percentage completion of each task, by task number as specified in Appendix A. 3b. (State will pay 95% of each statement costs): Upon receipt and approval by the State of each such statement, the State will, within thirty (30) days from the approval of such statement, pay over to the Borrower ninety five percent (95%) of the amount of the statement or such portion thereof as has been approved by the State. 3c. (State will pay 5% retainage when study is done): The remaining five percent (5%) will be paid to the Borrower within thirty (30) days following receipt and acceptance by the State of the fmal written report specified in paragraph 2. of this contract. 4. (The Total Amount Loaned will not exceed $15'~' . e total cost to the State under the terms of this contract for the services to be render to the orrower by the Consultant shall not exceed Fifteen Thousand Dollars ($15,00 . 5. (RESOLUTION OF THE BORROWER):" Pursuant to its Articles of Incorporation, the Borrower shall have its stockholders adopt an order or a resolution: G 5a. Authorizing the Borrower to enter' 0 this ontract with the State, and 5b. Authorizing the Borrower to execute the deed of trust as security required by the State, as specified in the Deed~~ provisions of this contract. Such order or resolution shal ed hereto as Appendix B and included herein prior to the State performance under this contract. 6. (REPAYMENT PROVISIONS): 6a. (Repay the Loan, if The Project is Feasible, or is Built): The Borrower understands that this Contract requires the Borrower to repay to the State the entire principal amount borrowed under this contract, if The Project is found to be feasible by the Consultant in accordance with paragraph 1. of the contract, and if the Colorado Water Conservation Board subsequently approves a loan for the Project so that The Project is Page 3 of 9 Pages