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DNR COLORADO <br /> 13 <br /> CO Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> October 25, 2016 <br /> Mr. Gary Alles, President <br /> Union Well Augmentation Group, Ltd <br /> 3005 W. 29th Street, Suite G1 <br /> Greeley, CO 80632 <br /> Re: Union Reservoir Water Rights Purchase <br /> Loan Contract Number CT2017-913 <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Alles: <br /> This letter is to advise you that the Project referenced above will be substantially completed on <br /> November 1, 2016. In accordance with the Loan Contract, the Company owes $625.68 for interest <br /> accrued during the construction phase of the Project (see attached Project Expenditure Schedule). <br /> Please make this "interest only payment" check payable to the Colorado Water Conservation Board and <br /> include the Loan Contract Number on the check. <br /> The total amount disbursed under this contract was $227,250 ($225,000 plus $2,250 for the 1% service <br /> fee). An adjustment in the amount of $20,907 will be made to the contract for funds no longer <br /> needed. Peg Mason, Contracts Manager, will follow up with an executed "Option Letter" reflecting the <br /> adjusted amount. The first annual loan payment will be due on November 1, 2017, in the amount of <br /> $14,382.94 as presented in the attached Loan Repayment Schedule and Promissory Note. <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a <br /> renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be <br /> maintained during the entire repayment period. <br /> It has been a pleasure working with you on the successful completion of this project. Please don't <br /> hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> Kirk Russell, P.E. Chief Loan Contract Amount = $248,157.00 <br /> CWCB Finance Section Expended Amount = $227,250.00 <br /> ec: Jim Yahn, CWCB Board Member, South Platte River Basin <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us j. <br /> John W. Hickenlooper, Governor I Robert Randall, DNR Executive Director I James Eklund, CWCB Director * '* <br /> le=is_' <br />