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BORROWER: MONTEZUMA VALLEY IRRIGATION <br />COMPANY <br />Contract No. C150251 <br />Project Amount $2,950,027 <br />Loan Service Fee $29,798 <br />Loan Amount $2,979,825 <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 08 PDA 0 0 O S <br />LOAN CONTRACT <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003) <br />THIS CONTRACT, made this December 7, 2007, 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" or "STATE "), and MONTEZUMA VALLEY IRRIGATION COMPANY, <br />11501 Hwy 491, Cortez, CO 81321, 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 balance thereof remains available for <br />encumbering and subsequent payment of this contract under: Contract Encumbrance <br />No. C150251, Fund Number 424, Appropriation Code MS8, Organization YYYY, GBL <br />M251, Program WTRC, Object Code 5882, Reporting Category 0251. <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 C150251 <br />Page 1 of 11 <br />