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BORROWER: TERRACE IRRIGATION CO. Agency Name: Water Conservation Board <br />Contract No. C150171 Agency Number PDA �� <br />Project Amount $243,000 Routing Number 04 PDA Wr, _ <br />Loan Service Fee $2,430 <br />Loan Amount $245,430 <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT, made this April 1, 2004, 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 Terrace Irrigation Company, 10299 <br />County Road DD, La Jara, CO 81140, a Colorado 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 b ance thereof remains available for <br />encumbering and subsequent payment of this ct u er Contract Encumbrance <br />No. C150171, Fund Number 424, Appropriate a ganization YYYY, GBL <br />T171, Program WTRC, Object Code 5882, g 0171. <br />2. Required approval, clearance, and coordh accomplished from and with <br />appropriate agencies. <br />3. The PROJECT Summary, attached as App and incorporated herein, contains <br />BORROWER Information (Section 1), the T 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 />a. A service fee shall be imposed on the BORROWER for amendments processed for <br />Page 1 of 10 <br />