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BORROWER: WADLEY FARMS, FILING No. 3 AGENCY NAME: COLORADO WATER <br /> HOMEOWNER'S ASSOCIATION Conservation Board <br /> CONTRACT No. C150379 AGENCY NUMBER: PDA <br /> PROJECT AMOUNT $720,000 CONTRACT TYPE: LOAN/PRIVATE <br /> LOAN SERVICE FEE $7,200 CWCB CMS #65203 <br /> LOAN AMOUNT $727,200 <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 Wadley Farms, Filing No. 3 Homeowner's Association, 1499 West 121st <br /> Ave., #100, Westminster, Colorado, 80234, ("BORROWER"), a Colorado nonprofit <br /> corporation. <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. C150379, Fund Number 424, Appropriation Code M14, Organization YYYY, GBL <br /> W379, Program WTRC, Object Code 5882, Reporting Category 0379. <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies. <br /> 3. On November 20, 2013, the CWCB approved a loan request, from the BORROWER, for <br /> the Purchase of Water Rights to increase the reliability of the Association's non- <br /> potable irrigation water and fire protection system by increasing the water supply <br /> ("PROJECT"). This loan was approved in the amount of $727,200 for a term of 30 years <br /> at an interest rate of 3.00% ; and <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 /> 1. 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 /> Loan Contract C150379 <br /> Page 1 of 11 <br />