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<br />~~ <br />I~.' <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Funding Agreement <br /> <br />This Agreement is made this 27th day of March,' 2007 between The Black <br />Dike Pipeline Company (the Company), a Colorado corporation, and the <br />undersigned members of the Company, (the Funding Members). <br /> <br />Whereas, The Bylaws of the Company require that ''The Company may not <br />undertake additions and/or improvements to the Ditch without approval in <br />advance by the Membership. The Membership shall be presented with a written <br />resolution defining the addition and/or improvement to be voted on and also <br />presented with a Funding Agreement signed by the Member or Members that <br />agree to pay for the addition and/or improvement, if approved by the <br />Membership. The Funding Agreement shall set forth details of the proposed <br />work, the estimated cost of the work, the method for sharing the cost, including <br />any overruns that may occur, and the proposed schedule for conduct of the work <br />by the Company", and <br /> <br />Whereas, The Natural Resource Conservation Service of the US Department of <br />Agriculture has included the Ditch in the Montezuma Valley Salinity Control <br />Project and the Company and NRCS have entered into a Conservation Pro!~ram <br />Application/Contract (the Contract) under which the Company could become <br />eligible for funding and other assistance to upgrade the Ditch to a pipeline, and <br /> <br />Whereas, The undersigned Funding Members desire that the Company accept <br />the NRCS proposal for the pipeline to be installed in the Ditch for delivery 01f <br />irrigation water to the Members of the Company and receive the design <br />assistance and 75% co-funding offered by NRCS, and <br /> <br />Whereas, The Colorado Water Conservation Board (the CWCB) has committed <br />to make a loan to the Company to finance the Company's share of cost for the <br />pipeline to be installed by NRCS, and <br /> <br />Whereas, The Funding Members desire that the Company accept the loan from <br />the CWCB to finance the Company's share of the pipeline cost. <br /> <br />Now, therefore, in consideration of the mutual covenants contained herein, the <br />Company and the below signed Funding Members agree as follows: <br /> <br />1. The Additions/Improvements to the Ditch- The Additionsllmprovements <br />proposed for the Ditch are the installation of the pipeline and related <br />