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BORROWER: UNION WELL AUGMENTATION AGENCY NAME: COLORADO WATER <br /> GROUP, LTD. CONSERVATION BOARD <br /> BASE LOAN AMOUNT:$245,700 CONTRACT TYPE: LOAN/PRIVATE <br /> LOAN ORIGINATION FEE:$2,457 CWCB CMS:90666/CORE: CT2o17-913 <br /> TOTAL LOAN AMOUNT:$248,157 <br /> LOAN CONTRACT <br /> This contract("CONTRACT"or"LOAN CONTRACT") is made between the State of Colorado for <br /> the use and benefit of The Department of Natural Resources, Colorado Water Conservation <br /> Board ("CWCB"or"State"), and Union Well Augmentation Group Ltd., 3005 W. 29th <br /> Street, Suite G1, Greeley, Colorado 80631, ("BORROWER"), a Colorado corporation. <br /> FACTUAL RECITALS <br /> 1. CWCB 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 with <br /> appropriate agencies; and <br /> 3. On May 18, 2016 the CWCB approved a loan request from the BORROWER for the Union <br /> Reservoir Water Rights Purchase ("PROJECT")to provide additional augmentation water <br /> to shareholders by purchasing shares in the Union Reservoir Company for use in the <br /> augmentation plan.The total estimated Project Cost is $273,000.The total loan amount <br /> ("TOTAL LOAN AMOUNT") of 248,157,which includes a one percent(1%) loan origination <br /> fee of$2,457 is payable over 20 years at an interest rate of 1.45%;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 or 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, pledged <br /> revenues and property, 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. DEFINITIONS <br /> The following terms as used herein shall be construed and interpreted as follows: <br /> i. BASE LOAN AMOUNT: Loan amount that does not include the one percent (1%) Loan <br /> Origination fee. This the amount disbursed by CWCB to the BORROWER. <br /> Page 1 of 14 <br />