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� <br />BORROWER: KERN RESERVOIR & DITCH CO <br />Contract No. C150118 � <br />Loan Amount $3,620,000 <br />� <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 04 PDA 00001 <br />LOAN CONTRACT <br />THIS CONTRACT made this June 1, 2003, is by and befinreen the State of Colorado for the <br />use and benefit of The Department of Natural Resources, Colorado Water Conservation <br />Board ("CWCB" and/or " STATE "), and Kern Reservoir and Ditch Company, 1011 11 tn <br />Avenue, Greeley, CO 80631, a Colorado nonprofit corporation, (" BORROWER " and/or <br />"CONTRACTOR"�. <br />FACTUAL RECITALS <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 <br />No. C150118, Fund Number 424, Appropriation Code L03, Organization YYYY, GBL <br />K118, Program WTRC, Object Code 5881, Reporting Category 0118. <br />2. Required approval, clearance, 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 (S.ection 1) the PROJECT Description (Section 2), CWCB's <br />authority for making this loan (Section 3), and CWCB Approval and Legislative <br />Authorization which defines the amount of the loan and the terms of repayment <br />(Section 4). <br />4. The CWCB now desires, by this contract, to loan money to the BORROWER f01' thlS <br />PRO�ECr 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 PROVtSIONS <br />Contract Amendment Service Fees. Under certain circumstances th@ BORROWER <br />shall be assessed fees for amending this contract. <br />a. A service fee shall be imposed on the BoRROwER for amendments processed for <br />the benefit of the BORROWER and necessary for the BORROWER course of <br />business, including, but not limited to, a change in borrower name (novation}, <br />assignment of contract, substitution of collateral, loan payment deferments in <br />excess of 3 per loan, and loan consolidation. Amendments in the course of <br />CWCB business, including, but not limited to, loan payment deferments (up to 3 <br />per loan) and changes in terms of loan repayment will be processed at no <br />additional charge to the borrower. <br />b. The amount charged shall be the fee rate structure in accordance with the CWCB <br />Loan Service Charge Policy in effect at the time the Borrower shall request an <br />amendment. The current fee for an amendment is $1,000. <br />Page 1 of 9 <br />