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BORROWER: CARPENTER AND MITCHELL <br />DITCH COMPANY, (NC. <br />Contract No. C150201 <br />Project Amount $607,200 <br />Loan Service Fee $6,072 <br />Loan Amount $607,200 <br />Agency Name: Water Conservati~n Board <br />Agency Number PDA <br />Routing Number 06 PDA C~-'~~~ <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003) <br />THis CONTRACT, made this August 18, 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 Carpenter and Mitchell Ditch Company, <br />P.O. Box 308, Mancos, CO 81328, a Colorado nonprofit corporation ("BORROWER"). <br />FACTUAL RECITALS <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. C150201, Fund Number 424, Appropriation Code MS5, Organization YYYY, GBL <br />C201, Program WTRC, Object Code 5882, Reporting Category 0201. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />3. The PRO~ecT Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1), th2 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 />4. The CWCB now desires, by this contract, to loan money to the BoRROwER for this <br />PRO~ECT upon mutually agreeable terms and conditions. <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br />A. LOAN PROVISIONS <br />Loan Service Fee. The amount of the loan (LoAN annouNT) shall include the amount <br />of the funds loaned by the CWCB to the BoRROwER for the PRO~ECT. The BORROWER <br />shall also remit a service fee of one percent (1 %) of the PRO~ECT amount. In the <br />event that the BoRROwER does not use the Loatv AnnoutvT authorized, the parties shall <br />amend this contract to revise the LoaN AMOUtvT including adjustment of the service <br />fee to reflect 1% of the actual LoAN AnnouNT disbursed to the BoRROwER. <br />2. Contract Amendment Service Fees. Under certain circumstances, the BORROwER <br />shall be assessed a fee for amending the contract. <br />Loan Contract C150201 <br />Page 1 of 11 <br />