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Project Summary — Eckhardt Farms, Inc. — Contract No. C150338 <br />SECTION 1 — BORROWER INFORMATION <br />Name: Eckhardt Farms, Inc. <br />Address: 21454 Weld County Road 33, La Salle, Colorado 80645 <br />Contact: Frank Eckhardt, President <br />Phone Number: 970 - 284 -6495 <br />E -mail address: fsdefi @msn.com <br />Type of Entity: A Colorado Corporation <br />Section 2 — PROJECT Description <br />A. Description Of PROJECT: The BORROWER applied to the CWCB for a loan to be <br />used for the purchase Of WATER RIGHTS, located in Weld County, hereinafter <br />referred to as the PROJECT, at an estimated total cost of $1,470,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Loan Feasibility Study: Eckhardt Farms, Inc. Water <br />Project." compiled by Leonard Rice Engineers, Inc., which is incorporated herein by <br />reference, and, based upon the feasibility report, the CWCB determined the <br />PROJECT to be technically and financially feasible. <br />SECTION 3 — CWCB's Authority <br />Construction Fund. This loan is made pursuant to the provisions of §§ 37 -60 -119 and <br />37 -60 -120, C.R.S., which authorize the CWCB to loan money for water projects from <br />the CWCB Construction Fund for the benefit of the people of the state, provided that <br />the BORROWER assures repayment of that money. <br />Section 37- 60- 122(1)(b), C.R.S., authorizes the CWCB to make loans of up to <br />$10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly. <br />SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br />At its September 2012 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $1,323,000 for PROJECT costs, <br />not to exceed 90% Of the cost of the PROJECT, with a loan origination fee of 1% in <br />accordance with CWCB Policy No. 16, at an interest rate of 1.75% per annum for a <br />repayment term of 30 years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />SECTION 6 - COLLATERAL <br />The collateral provided for this loan shall be the WATER RIGHTS purchased consisting <br />of twenty -one (21) shares in the Western Mutual Ditch Company, more particularly <br />described in the attached DEED OF TRUST ( "Collateral "), valued at an amount equal to <br />Appendix 1 to Loan Contract C150338 <br />Page 1 of 3 <br />