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BORROWER: LOUDEN IRRIGATING CANAL AND <br />RESERVOIR COMPANY, INC. <br />Contract No. C150268 <br />Project Amount $261,000 <br />Loan Service Fee $2,610 <br />Loan Amount $263,610 <br />Agency Name: Water Conservation Board <br />Agency Number PDA o <br />Routing Number 09 PDA <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT, made this April 1, 2009, is by and between the State of Colorado for <br />the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ( "CWCB" or "STATE "), and the Louden Irrigating Canal and Reservoir <br />Company, Inc., 4009 E. County Road 30, Fort Collins, Colorado 80528, a Colorado <br />nonprofit corporation, ( "BORROWER "). <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. C150268, Fund Number 424, Appropriation Code MS9, Organization YYYY, GBL <br />L268, Program WTRC, Object Code 5882, Reporting Category 0268. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <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 <br />authority for making this loan (Section 3), and CWCB Approval and Legislative <br />Authorization which identifies 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 for this <br />PROJECT 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 PROVISIONS <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 PROJECT and (2) <br />a service fee of one percent (1 %) of the PROJECT amount. In the event that the <br />BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this <br />contract to revise the LOAN AMOUNT including adjustment of the service fee to reflect <br />1 % of the actual LOAN AMOUNT disbursed to the BORROWER. <br />2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER <br />shall be assessed a fee for amending the contract. <br />Loan Contract C150268 <br />Page 1 of 11 <br />