Laserfiche WebLink
<br />BORROWER: SURFACE CREEK DITCH & <br />RESERVOIR COMPANY <br />Contract No. C150125 <br />Loan Amount $265,000 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 03 PDA 0007/ <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />THIS CONTRACT, made this March 1, 2003, is by and between the State of Colorado <br />for the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" and/or "STATE"), and Surface Creek Ditch & Reservoir <br />Company, P. O. Box 399, Cedaredge, Colorado 81413, a Colorado nonprofit corporation, <br />("BORROWER" and/or "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 No. <br />C150125, Fund Number 424, Appropriation Code MS3, Organization VYYY, GBL S125, <br />Program WTRC, Object Code 5881, Reporting Category 0125. <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 authority <br />for making this loan (Section 3), and CWCB Approval and Legislative Authorization which <br />defines the amount of the loan and the terms of repayment (Section 4). <br /> <br />4. The CWCB now desires, by this contract, to loan money to the BORROWER for this PROJECT <br />upon mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, <br />the parties agree as follows: <br /> <br />A. LOAN PROVISIONS <br /> <br />1. Contract Amendment Service Fees. Under certain circumstances, the BORROWER shall <br />be assessed fees for amending the contract. <br /> <br />a. A service fee shall be imposed on the BORROWER for amendments processed for the <br />benefit of the BORROWER and necessary for the BORROWER'S course of business, <br />including, but not limited to, a change in borrower name (novation), assignment of <br />contract, substitution of collateral, loan payment deferments in excess of 3 per loan, <br />and loan consolidation. Amendments in the course of CWCB business, including, but <br />not limited to, loan payment deferments (up to 3 per loan) and changes in terms of <br />loan repayment will be processed at no additional charge to the borrower. <br /> <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 /> <br />c. The BORROWER shall remit the service fee to the CWCB prior to initiation of the <br /> <br />Page 1 of 9 <br />