C150200 Feasibility Study

• Contract/PO #: C150200
• Contractor Name: Sheek Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Feasibility Study

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amount needed for the annual payment(s) that were not made to the
Company.

7. The Company agrees to receive prepayments of principal from any
Funding Member at any time and credit such amounts immediately
against the Member's obligation. A Funding Member ceases to be a
Funding Member upon prepayment of his/her total remaining share of.
the Loan balance.

8. Any Funding Member who fails to pay an assessment to the Company
when due shall be a Defaulting Member and, as such, agrees to be
subject to applicable policies and regulations of the Company which may
include, but is not limited to, imposition of fines, fees, penalties. interest
and loss of rigilts as a member.

9. The Funding Members agree to share the costs arising from the NRCS
Contract and for the CWCB Loan repayment based upon the cost of
diversion point(s) and maximum amounts of water (in cubic feet per
second-CFS) that each will be entitled to have carried through the
pipeline by the Company, as follows: /'~

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CFS

%

Member
Name

Diversion
Point

The Company agrees that the Fundin bers shall be entitled to
carry the above maximum amounts of water in the pipeline.

10. Company agrees that any Member of the Company or any non-Member
that seeks to have water carried in the pipeline not included in Section 9
above shall be required to bear a proportional share of the costs arising
from the NRCS Contract and for the CWCB Loan repayment through a
reallocation of the of the percentages in Section 9 above: provided
however, that the Company may also impose other costs upon the
carriage of such new water in the pipeline.

lLlhe Company qmt the FundiD.9..JY.l~mp'~rs aqree that the ~JlD.iJ must be<
pperat~tv!LQt water in order.1Q.rnaximize the benefits of the pipeline to
Jb~.w..9..t~rq$~r?9D<;lJ!Jrth.?L?.9r.~.~JQjQJnt!YJl1qk~.!?.~f?_t~ff9J:l:~JQ_~~~1?Jtl~
mpeline cQIDpletely full o1...w.9ter_E!L~1.[l times durLngJhe irriq!'ltion seasolJ,

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j~ The Funding Members understand that the Company may pledge this
Funding Agreement as collateral for the Loan, that the Company will rely

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Formatted: Bullets and Num

.[ Formatted: Bullets and Num