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BORROWER: OWL CREEK RESERVOIR CO. Contract No. C150089 Loan Amount $1,125,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number 03 PDA U G�� 7� LOAN CONTRACT THIS CONTRACT made this February 1, 2003, is by and befinreen the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or " STATE "), and Owl Creek Reservoir Company, P. O. Box 210, Eaton, CO 80615, a Colorado corporation (" BORROWER " or " CONTRACTOR "). FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for encumbering and subsequent payment of this contract under: Contract Encumbrance No. C150089, Fund Number 424, Appropriation Code L02, Organization YYYY, GBL 0089, Program WTRC, Object Code 5881, Reporting Category 0089. 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. The Prto�ECT Summary, attached as Appendix 1 and incorporated herein, contains BORROWER Information (Section 1) th2 PROJECT Description (Section 2), CWCB's authority for making this loan (Seation 3), and CWCB Approval and Legislative Authorization which defines the amount of the loan and the terms of repayment (Section 4). 4. The CWCB now desires, by this contract, to loan money to the BoRROwER for this PRO�ECT upon mutually agreeable terms and conditions. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. LOAN PROVISIONS Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LoaN AnnouNT and the BoRROwER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, in the form attached hereto as Appendix 2 and incorporated herein. The Promissory Note shall identify the LOAN AMOUNT If the amount of loan funds disbursed by the CWCB to the BoRROwER differs from the Loatv AMOUrvr, the parties agree to amend this contract to revise the LOAN AMOUNT. 2. Interest Prior to PROJECT Completion As the loan funds are disbursed by the CWCB t0 the BORROWER interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued prior to substantial completion of the PRO�ECT and notify BoRROwER of such amount. The BoRROwER shall repay that amount to the CWCB either within ten (10) days from the date of notification from the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the Page 1 of 8