C150398 Contract

• Contract/PO #: CT2015-151
• Contract/PO #: C150398
• Contractor Name: Louden Irrigating Canal & Reservoir Company
• Contract Type: Loan
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

establishing the relative priorities of said liens, if necessary, is attached to the PROJECT
SUMMARY and incorporated herein.
13. Change of Ownership of Water Shares during Term of Contract. If the interest
rate for this loan is based on the CWCB's agricultural or blended agricultural and
municipal and/or commercial and/or industrial rates, the BORROWER agrees to notify
the CWCB of any change of the ownership of the water rights represented by its
shares from irrigation to municipal or commercial or industrial use. The interest rate
shall be revised when said change in ownership would increase the original interest
rate by 0.5% or more. The parties shall amend this CONTRACT including a revised
promissory note, to effect said change in interest rate.
14. Remedies for Default. Upon default in the payments to be made by the BORROWER
under this CONTRACT, or default in the performance of any covenant or agreement
contained herein, the CWCB, at its option, may:
a. suspend this CONTRACT and withhold further loan disbursements pending
corrective action by the BORROWER, and if the BORROWER does not cure the default
as provided for below, permanently cease loan disbursements and deem the
PROJECT substantially complete;
b. declare the entire principal amount, accrued interest, and late charges, if any, then
outstanding immediately due and payable;
c. exercise its rights under any appendices to this CONTRACT, including, but not
limited to, the Promissory Note, Security Agreement, and/or any instrument
securing collateral; and/or
d. take any other appropriate action.
The CWCB shall provide written notice to the BORROWER of any such default and
shall give the BORROWER an opportunity to cure within thirty (30) days of receipt of
such notice. All remedies described herein may be simultaneously or selectively and
successively enforced. The CWCB may enforce the provisions of this CONTRACT at its
option without regard to prior waivers of previous defaults by the BORROWER, through
judicial proceedings to require specific performance of this CONTRACT, or by such
other proceedings in law or equity as may be deemed necessary by the CWCB to
ensure compliance with provisions of this CONTRACT and the laws and regulations
under which this CONTRACT is executed. The CWCB's exercise of any or all of the
remedies described herein shall not relieve the BORROWER of any of its duties and
obligations under this CONTRACT.
15. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the
CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and
economical manner.
16. BORROWER'S Liability Insurance.
a. Upon execution of this CONTRACT and continuing until complete repayment of the
Loan Contract C150398
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