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BORROWER: STERLING IRRIGATION COMPANY AGENCY NAME: COLORADO WATER <br /> CWCB CMS NUMBER:73184 CONSERVATION BOARD/PDA <br /> APPROVED LOAN AMOUNT: $100,000 CONTRACT TYPE: LOAN/PRIVATE <br /> LOAN ORIGINATION FEE: $1,000 CWCB CORE#2015-097 <br /> TOTAL LOAN AMOUNT: $101,000 <br /> LOAN CONTRACT <br /> (STANDARD CONTRACT-WAIVER#160-APPROVED NOVEMBER 10,2003) <br /> THIS CONTRACT is made between the State of Colorado for the use and benefit of <br /> The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or <br /> "State"), and Sterling Irrigation Company, 519 W. Main Street, Sterling, Colorado 80751, <br /> a Colorado nonprofit Corporation, ("BORROWER"). <br /> FACTUAL RECITALS <br /> 1. Authority exists in the law, and funds have been budgeted, appropriated and <br /> otherwise made available and a sufficient unencumbered balance thereof remains <br /> available for encumbering and subsequent payment of this CONTRACT; and <br /> 2. Required approval, clearance, and coordination have been accomplished from and <br /> with appropriate agencies; and <br /> 3. On September 11, 2014, the CWCB approved a loan request from the BORROWER for <br /> the Emergency Sterling Ditch Rehabilitation Project ("PROJECT")to repair the ditch that <br /> was damaged during the September 2013 floods and allow the Sterling Irrigation <br /> Company to divert its decreed water rights. The total estimated project cost is <br /> $123,260. The total loan amount of$101,000 which includes a one percent (1%) loan <br /> origination fee of$1,000 is payable over 10 years at an interest rate of 1.50%; 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 (Section 4), identifying the amount of the loan and the terms of <br /> repayment. The PROJECT SUMMARY also contains sections on BORROWER'S debt, <br /> collateral, procedures and eligible expenses. <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 Origination 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 loan origination fee of one percent (1%) of the PROJECT amount. In the event that <br /> the BORROWER does not use the full LOAN AMOUNT authorized, the parties shall <br /> amend this CONTRACT to revise the LOAN AMOUNT including adjustment of the loan <br /> Page 1 of 12 <br />