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BORROWER: FOUR SEASONS TROUT FARM Agency Name: Water Conservation Board <br />Contract No. C150110 Agency Number PDA <br />Loan Amount $85,500 Routing Number 03 Olin Oc�c'3 5 <br />LOAN CONTRACT <br />THIS CONTRACT, made this November 1, 2002, is by and between the State of <br />Colorado for the use and benefit of The Department of Natural Resources, Colorado Water <br />Conservation Board ( "CWCB" and /or "STATE "), and John Eric Niblack DBA Four Seasons <br />Trout Farm, P. O. Box 21, Cedaredge, Colorado 81413, ( "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 payr of this contract under: Contract Encumbrance <br />No. C150110, Fund Number 42 riati n Code MC3, Organization YYYY, GBL <br />F110, Program WTRC, Object, 2W1,jRdkr*g Category 0110. <br />2. Required approval, cli <br />appropriate agencies. <br />3. The PROJECT Summary, a*1o(Section <br />a*F <br />BORROWER Information (S the <br />authority for making this <br />Authorization which defines the amount <br />(Section 4). <br />been accomplished from and with <br />pendix 1 and incorporated herein, contains <br />PROJECT Description (Section 2), CWCB's <br />3), and CWCB Approval and Legislative <br />of the loan and the terms of repayment <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 />Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br />amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in <br />accordance with the terms as set forth in the Promissory Note, in the form attached <br />hereto as Appendix 2 and incorporated herein. The initial Promissory Note shall <br />identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to the <br />BORROWER differs from the LOAN AMOUNT, the parties agree to amend this contract to <br />revise the LOAN AMOUNT. <br />2. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB <br />to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The <br />CWCB shall calculate the amount of the interest that accrued prior to substantial <br />completion of the PROJECT and notify BORROWER of such amount. The BORROWER shall <br />repay that amount to the CWCB either within ten (10) days from the date of notification <br />Page 1 of 8 <br />