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BORROWER: ECKHARDT FARMS, INC. Agency Name: Colorado Water <br />Contract No. C150338 Conservation Board (CWCB) <br />Project Amount $ 1,323,000 Agency Number: PDA <br />Loan Service Fee $13,230 CWCB CMS #50539 <br />Loan Amount $1,336,230 <br />LOAN CONTRACT <br />(STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT made between the State of Colorado for the use and benefit of The <br />Department of Natural Resources, Colorado Water Conservation Board ( "CWCB" or <br />"STATE "), and Eckhardt Farms, Inc., 21454 Weld County Road 33, La Salle, CO 80645, <br />( "BORROWER "), a Colorado Corporation. <br />FACTUAL RECITALS <br />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. C150338, Fund Number 424, Appropriation Code M13, Organization YYYY, GBL <br />E338, Program WTRC, Object Code 5882, Reporting Category 0338. <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />3. The Borrower requested a CWCB loan to be used for the purchase of water rights. <br />4. The PROJECT SUMMARY ( "PROJECT "), attached hereto as APPENDIX 1 and incorporated <br />herein, contains BORROWER Information (Section 1), the PROJECT Description (Section <br />2), CWCB's authority for making this loan (Section 3), and CWCB Approval and <br />Legislative Authorization which identifies the amount of the loan and the terms of <br />repayment (Section 4). <br />5. 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 />a. A service fee shall be imposed on the BORROWER for amendments processed for <br />Loan Contract C150338 <br />Page 1 of 11 <br />