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1. PARTIES <br /> This contract ("CONTRACT' or "LOAN CONTRACT") is entered into by and between the State of <br /> Colorado for the use and benefit of The Department of Natural Resources, Colorado Water <br /> Conservation Board, 1313 Sherman Street, Denver, CO, 80203, ("CWCB"or"State"),and <br /> Corsentino Dairy Farms, Inc., 2689 State Hwy io, Walsenburg, Colorado 81o89, a <br /> Colorado corporation, ("BORROWER"). <br /> 2. AUTHORITY <br /> 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. <br /> Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies. <br /> 3. PURPOSE AND TERMS <br /> On July 19, 2017 the CWCB approved a loan request, from the BORROWER, for the Holita <br /> Dam Rehabilitation ("PROJECT"). Holita Dam is under a storage restriction from the SEO. <br /> Repairs will include embankment seepage, rodent holes, inadequate freeboard and <br /> permanent lowering of the spillway.The total estimated Project Cost is 94,000.00.The total <br /> loan amount ("TOTAL LOAN AMOUNT") of$85,446.00, which includes a one percent(i%) loan <br /> origination fee of$846.00, is payable over ten (io) years at an interest rate of 0.5%. The <br /> CWCB now desires, by this CONTRACT, to loan money to the BORROWER for this PROJECT <br /> upon mutually agreeable terms and conditions. <br /> 4. APPENDICES <br /> The following appendices are attached and incorporated herein: Appendix i (Project <br /> Summary), Appendix 2 (Option Letter), Appendix 3 (Promissory Note), Appendix 5 <br /> (Deed of Trust). <br /> The Borrower's Loan Resolution will be delivered to CWCB, in the form of Appendix 4, <br /> along with the loan contract signed by the Borrower. <br /> The PROJECT SUMMARY (attached as Appendix i) and incorporated herein, contains the <br /> following sections: BORROWER INFORMATION (Section 1), PROJECT DESCRIPTION (Section 2), <br /> CWCB'S AUTHORITY (Section 3), BOARD APPROVAL (Section 4), SCHEDULE OF EXISTING DEBT <br /> (Section 5), LOAN SECURITY (Section 6), ADDITIONAL CONDITIONS AND REQUIREMENTS (Section <br /> 7), CONSTRUCTION FUND PROGRAM PROCEDURES FOR PROJECTS (Section 8), ELIGIBLE EXPENSES <br /> (Section 9), DISBURSEMENT SCHEDULE(Section io), and TIME FOR PERFORMANCE(Section u). <br /> A. DEFINITIONS <br /> The following terms as used herein shall be construed and interpreted as follows: <br /> Page 3 of 14 <br />