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STATE OF COLORADO <br /> Colorado Water Conservation Board <br /> Department of Natural Resources .0v.c040 <br /> 1313 Sherman Street,Room 721 °:- <br /> Denver,Colorado 80203 <br /> Phone:(303)866-3441 0 *�.a <br /> Fax:(303)866-4474 . *4876* 6� <br /> www.cwcb.state.co.us <br /> John W.June 2, 2014 Governor enlooper <br /> Sylvan Dale Ranch LLLP Mike King <br /> , DNR Executive Director <br /> Attn: David Jessup, General Partner <br /> 2939 North County Rd 31 D James Director <br /> CWCB Director <br /> Loveland, CO 80537 <br /> Re: Emergency Irrigation Pond Excavation <br /> Contract Number C150392 <br /> NOTICE OF REPAYMENT TERMS <br /> Dear Mr. Jessup: <br /> This letter is to inform you that the CWCB has established a Payment Initiation Date of June 1, <br /> 2014. In accordance with the Loan Contract,the Company will not accrue interest on any loan <br /> balance for three years. On June 1, 2017, CWCB will apply the 1% service fee and the principal <br /> amount borrowed will begin accruing at the approved interest rate. <br /> On June 1, 2018, the Company will begin annual repayment of the Loan's principal and interest <br /> as shown on the attached amortization schedule unless modified by a contract amendment. <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan <br /> Contract, a renewed insurance certificate must be submitted to the CWCB annually and a <br /> Reserve Account must be funded and maintained during the 27 years of repayment. <br /> Please don't hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> I <br /> Kirk Russell, P.E. Chief <br /> Finance Section <br /> ec: Diane Hoppe, CWCB Board Member, South Platte River Basin <br /> CWCB Finance Staff <br /> Interstate Compact Compliance•Watershed Protection•Flood Planning&Mitigation•Stream&Lake Protection <br /> Water Project Loans&Grants•Water Modeling•Conservation&Drought Planning•Water Supply Planning <br />