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\ BORROWER: TILTON LATERAL, INC. Contract No. C150066 Loan Amount $100,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number 03 PDA 0000 J LOAN CONTRACT THIS CONTRACT, made this January 1, 2003, is by and between the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" and/or the "STATE"), and Tilton Lateral, Inc., 2967 D % Road, Grand Junction, Colorado 81504, a Colorado nonprofit corporation, ("BORROWER" and/or "CONTRACTOR"). FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment as follows: Fund Number 424, Organization YYYV, Appropriation Code MC3, GBL T066, Program WTRC, Object Code 5881, Reporting Category 0066, Contract Encumbrance No. C150066 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. CWCB's authority for making this loan: Small Proiect Loan: Pursuant to the provisions of 99 37-60-119 and 37-60-120, C.R.S., the CWCB is authorized to loan money from the CWCB's Construction Fund Small Project Loan Account for water projects for the benefit of the people of the STATE, provided that the borrower assures repayment of that money. 4. The Project Summary, attached as Appendix 1 and incorporated herein, contains BORROWER Information (Section 1) and the PROJECT Description (Section 2). 5. Board approval and legislative authorization, if required, is included in Board Approval and Legislative Authorization (Section 3) of the Project Summary. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. LOAN PROVISIONS 1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated herein. 2. Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued prior to completion of the PROJECT and the BORROWER shall repay that amount to the CWCB either within ten (10) days after the date the CWCB determines that the PROJECT has been substantially completed, or, at the CWCB's discretion, said interest shall be deducted from the final disbursement of loan Tilton Lateral, Inc. Page 1 of 9 Loan Contract