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BORROWER: LONE CABIN AGENCY NAME: COLORADO WATER <br /> DITCH & RESERVOIR COMPANY CONSERVATION BOARD <br /> CONTRACT No. C150361 AGENCY NUMBER: PDA <br /> PROJECT AMOUNT $250,300 CONTRACT TYPE: LOAN/PRIVATE <br /> LOAN SERVICE FEE $2,503 CWCB CMS #62277 <br /> LOAN AMOUNT $252,803 <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 Lone Cabin Ditch & Reservoir Company, 42384 Lamborn Mesa Road, <br /> Paonia, Colorado, 81428, 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. C150361, Fund Number 424, Appropriation Code M14, Organization YYYY, GBL <br /> L361, Program WTRC, Object Code 5882, Reporting Category 0361; and <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies; and <br /> 3. On September 25, 2013 the CWCB approved a loan request from the BORROWER, for <br /> the Lone Cabin Dam Rehabilitation Project ("PROJECT"), to repair the dam and remove <br /> the fill restriction placed on the dam by the State Engineers Office for a total amount not <br /> to exceed $252,803. This loan term is 30 years and an interest rate of 1.75%. The total <br /> PROJECT cost is $419,953. The CWCB also approved a Water Supply Reserve Fund <br /> Grant request with a total amount of$167,150, for this PROJECT; and <br /> 4. 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); and <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 /> Loan Contract C150361 <br /> Page 1 of 11 <br />