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BORROWER: GRANBY DITCH AND RESERVOIR Agency Name: Water Conservation Board <br />COMPANY Agency Number PDA <br />Contract No. C150266 Routing Number 09 PDA �� <br />Project Amount $252,000 <br />Loan Service Fee $2,520 <br />Loan Amount $254,520 <br />LOAN CONTRACT <br />(STANDARD CONTRACT— WANER #160 —APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT made this August 12, 2008, is by and between the State of <br />Colorado for the use and benefit of The Deparanent of Natural Resources, Colorado Water <br />Conservation Board ("CWCB" or " STATE "), and the Granby Ditch and Reservoir Company, <br />P.O. Box 399, Cedaredge, CO 81413, a Colorado ditch company (" BORROWER "). <br />FACTUAL RECITALS <br />1. Authority e�asts 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 <br />No. C150266, Fund Number 424, Appropriation Code MS8, Organization YYYY, GBL <br />G266, Program WTRC, 4bject Code 5882, Reporting Category 0266. <br />2. Required approval, Gearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />3. The PRO�ecr Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1) th2 PROJECT Description (Secaon 2), CWCB's <br />authority for making this loan (Section 3), and CWCB Approval and Legislative <br />Authorization which identifres the amount of the loan and the terms of repayment <br />(Section 4). <br />4. The CWCB now desires, by this contraet, to loan money to the BoRROw�R for this <br />PRO�ECT upon mutually agreeable terms and conditions. <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br />A. LOAN PR4VISIONS <br />Loan Service Fee. The amount of the loan (LOAN AMOUNT� shall include (1) the <br />amount of the funds loaned by the CWCB to the BoRROwER for the PRO.»cT and (2} <br />a service fee of one percent (1 %} of the PRO�ECr amount. In the event that the <br />BoRROwE� does not use the LoAtv Rnnourvr autharized, the parties shall amend this <br />contract to revise the Loa►v AnnouNT inGuding adjustment of the senrice fee to reflect <br />1% Of thG' BCtUa) LOAN AMOUNT dlSbUt'S@d t0 �he B�RROWER. <br />2. Contract Amendment Service Fees. Under certain circumstances th@ BORROWER <br />sha(I be assessed a fee for amending the contract. <br />Loan Contract C150266 <br />Page 1 of 11 <br />