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BORROWER: MANCOS VALLEY BEAVER <br />DITCH CO. <br />Contract No. C150185 <br />Project Amount $413,000 <br />Loan Service Fee $4,130 <br />Loan Amount $417,130 <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 06 PDA D~ <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003~ <br />THIS CONTRACT, made this August 15, 2005, is by and befinreen the State of <br />Colorado for the use and benefit of The Department of Natural Resources, Cotorado Water <br />Conservation Board ("CWCB" or "STATE"), and Mancos Valley Beaver Ditch Company, a <br />Colorado nonprofit corporation, P. O. Box 308, Mancos, Colorado 81328 ("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. C150985, Fund Number 424, Appropriation Code MS5, Organization YYYY, GBL <br />M185, Program WTRC, Object Code 5882, Reporting Category 0185. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />3. The PRO~ecr 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 />4. The CWCB now desires, by this contract, to loan money to the BORROWER fOf thlS <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 />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 PRO~ECT and (2) <br />a service fee of one percent (1 %) of the PRO~ECT amount. In the event that the <br />BoRROwER does not use the Loatv AnnouNT authorized, the parties shall amend this <br />contract to revise the Loarv AnnouNT including adjustment of the service fee to reflect <br />1% of the actual Loa-v AMOUtvT disbursed to the BoRROwER. <br />2. Contract Amendment Service Fees. Under certain circumstances, th2 BORROWER <br />shall be assessed a fee for amending the contract. <br />Page 1 of 10 <br />