PROJ02054

• Contract/PO #: C150201
• Contractor Name: Carpenter and Mitchell Ditch Company
• Contract Type: Loan
• Water District: 71
• County: Montezuma
• Loan Projects - Doc Type: Feasibility Study

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year).

The Funding Members agree that if any Funding Member fails to make
the annual payment required under Sections 4 and 5 herein, the
remaining Funding Members will each make an additional pro-rated
payment to the Company that totals the amount owed by the defaulting
Funding Member(s). The additional payment shall be due ten working
days from the Funding Members' receipt of notice from the Company of
the additional amount due. In the notice, the Company shall identify the
amount each Funding Member needs to pay as his or her share of the
amount needed for the annual payment( s} that were not made to the
Company. The Funding Members and Company intend that the CWCS is
a third-party beneficiary of this paragraph.

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.

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 rights as a member.

The Funding Members agree to share the costs arising from the NRCS
Contract and for the CWCB Loan repayment based upon the 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:

~
Dean Wollcott
Vic Bruce
Jack Smith
Eldon Simmons
Edward Kennedy
Total

0.10
36.46
26.40
17.86
17.78
1.50
100.00

CFS
4.10
2.97
2.01
2.00
0.17
11.25