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<br />.~:,-~~. -~....:.~~.~..~~~ <br /> <br />BORROWER: THE SPRING DALE DITCH CO. <br />Contract No. C150145 <br />Project Amount $121 ,500 <br />1 % Loan Service Fee $1,215 <br />Loan Amount $122,715 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 04 PDA Ot\0/'B <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />THIS CONTRACT, made this August 15, 2003, is by and between the State of Colorado for <br />the use and benefit of The Department of Natural Resources, Colorado Water Conservation <br />Board ("CWCB" and/or "STATE"), and The Spring Dale Ditch Company, P.O. Box 109, Sterling, <br />Colorado 80751, a Colorado nonprofit corporation, ("BORROWER" and/or "CONTRACTOR"). <br /> <br />FACTUAL RECITALS <br /> <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 />encumbering and subsequent payment of this contract under: Contract Encumbrance No. <br />C150145, Fund Number 424, Appropriation Code MC3, Organization YYYV, GBL S145, <br />Program WTRC, Object Code 5881, Reporting Category 0145. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's authority <br />for making this loan (Section 3), and CWCB Approval and Legislative Authorization which (" <br />defines the amount of the loan and the terms of repayment (Section 4). <br /> <br />4. The CWCB now desires, by this contract, to loan money to the BORROWER for this PROJECT <br />upon mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained herein, <br />the parties agree as follows: <br /> <br />A. LOAN PROVISIONS <br /> <br />1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the amount of <br />the funds loaned by the CWCB to the BORROWER and (2) a service fee of one percent <br />(1 %) of the amount of the funds loaned. In the event that the BORROWER does not use <br />the full loan amount authorized, the parties shall amend this contract to revise the LOAN <br />AMOUNT and to adjust the service fee to reflect 1% of the actual loan amount disbursed to <br />the BORROWER. <br /> <br />2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER shall <br />be assessed fees for amending this contract. <br /> <br />a. A service fee shall be imposed on the BORROWER for amendments processed for the <br />benefit of the BORROWER and necessary for the BORROWER'S course of business, <br />including, but not limited to, a change in borrower name (novation), assignment of <br />contract, substitution of collateral, loan payment deferments in excess of 3 per loan, <br />and loan consolidation. Amendments in the course of CWCB business, including, but <br />not limited to, loan payment deferments (up to 3 per loan) and changes in terms of <br />loan repayment will be processed at no additional charge to the borrower. <br /> <br />b. The amount charged shall be the fee rate structure in accordance with the CWCB <br /> <br />Page 1 of 9 <br />