C150264 Contract

• Contract/PO #: C150264
• Contractor Name: Lower Latham Reservoir Company
• Contract Type: Loan
• Water District: 0
• County: Weld
• Loan Projects - Doc Type: Contract Documents

security for the CWCB loans.
SECTION 6 -COLLATERAL
The collateral provided for this loan, as evidenced by the executed Deed of Trust, in
the- form attached as Appendix 5 and incorporated herein, shall be an undivided one
hundred percent (100%) interest in water rights consisting of 2 shares of the Lower
Latham Ditch Company, as more particularly described in the attached Deed of Trust
("Collateral").
SECTION 7 -ADDITIONAL CONDITIONS Sc CONTRACT REQUIREMENTS
A. The BORROWER shall apply all CWCB funds disbursed under this Contract toward
the purchase of the Lower Latham Ditch Company shares related to the Schmidt
Farm water rights and towards the balance of the First National Bank line of credit.
B. As a portion of the security for this loan, the Borrower pledges all of its royalties
from any and all present and future oil and gas leases. The Borrower currently
has oil and gas leases with Noble Energy Production, Inc., with the original lease
agreement between Borrower and T.S. Pace dated April 1, 1970. Furthermore,
the Borrower will provide an accounting of its oil and gas lease royalties to the
CWCB upon request.
SECTION 8 -CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE PROJECTS
A. The BORROWER must submit a written appraisal or opinion of value from a qualified
water rights appraiser supporting the purchase price prior to disbursal of loan funds.
B. The BORROWER shall employ an engineer, registered in the state of Colorado to
prepare plans and specifications for the PROJECT.
C. The BORROWER'S and the Engineering Consultant's Agreements and the plans and
specifications must be submitted to the CWCB staff for verification of compliance
with the terms of this Contract when available prior to bidding. Any modifications to
the plans and specifications must be approved in writing by the CWCB staff.
D. For plans and specifications for all jurisdictional dams and reservoirs, as defined by
§ 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State
Engineer's Office prior to construction.
E. CWCB staff must be present at bid opening and must approve the award of the
construction contract.
F. The BORROWER shall contract for the construction of the work with responsible and
capable Construction Firms, which said Construction Firms shall be selected by the
BORROWER and found acceptable by the CWCB staff.
G. The BORROWER must provide a copy of the executed construction contract
documents consisting of the contractor's proposal, construction contract,
performance bond, payment bond, notice of award, notice to proceed, sample
change order, and sample field order, as well as the advertisement for bid and bid
bond at bidding. After the CWCB staff verifies that these documents comply with
Appendix 1 to Loan Contract C150264
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