C150392 Project Completion Letter

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DNR COLORADO CO g Colorado Water ,.� Conservation Board Department of Natural Resources 1313 Sherman Street, Room 721 Denver, CO 80203 August 15, 2014 David Jessup Sylvan Dale Ranch, LLP 2939 North County Rd 31D Loveland, CO 80537 Re: Emergency Irrigation Pond Excavation Contract Number C150392 NOTICE OF PROJECT CONSTRUCTION COMPLETION Dear Mr. Jessup: This letter is to advise you that construction of the Project referenced above was completed in May of 2014. Since the Loan does not incur interest until June 1, 2017 no payment is due at this time. During the construction phase of the Project the CWCB disbursed $105,171 ($104,130 plus $1,041 for the 1% service fee). On August 12, 2014 we received a principal payment check from you in the amount of $78,095. Your current principal balance is therefore $27,076. The attached Project Expenditure Schedule provides the disbursement and payment details. Interest will begin accruing on June 1, 2017 and the first annual payment of$4,921.03 will be due on June 1, 2018. (see attached Amortization Schedule and Promissory Note). Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be maintained during the 27 year repayment period. You will receive a letter from CWCB on the loan anniversary reminding you of your repayment status. It has been a pleasure working with you on the successful completion of this project. Please don't hesitate to call if you have any questions regarding this matter. Sincerely, v.....02.„4 Kirk Russell, P.E., Section Chief Loan Contract: $105,171.00 CWCB Finance Section Principal Balance: $27,076.00 ec: Diane Hoppe, CWCB Board Member - South Platte River Basin of cot AS' Aie P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director * r X87 -