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