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r <br /> BORROWER: KERN RESERVOIR& DITCH Co. Agency Name: Water Conservation Board <br /> Contract No. C150112 Agency Number PDA <br /> Loan Amount $1,000,000 Routing Number 03 PDA <br /> LOAN CONTRACT <br /> THIS CONTRACT, made this December 1, 2002, is by and between the State of <br /> Colorado for the use and benefit of The Department of Natural Resources, Colorado Water <br /> Conservation Board ("CWCB" or "STATE"), and Kern Reservoir and Ditch Company, 2319 <br /> 10th Street, Windsor, CO 80550, a Colorado nonprofit corporation ("BORROWER" or <br /> "CONTRACTOR"). <br /> FACTUAL RECITALS <br /> 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise <br /> made available and a sufficient unencumbered balance thereof remains available for <br /> encumbering and subsequent payment of this contract under: Contract Encumbrance <br /> No. C150112, Fund Number 424, Appropriation Code MC3, Organization YYYY, GBL <br /> K112, Program WTRC, Object Code 5881, Reporting Category 0112. <br /> 2. Required approval, clearance, and coordinatio h e been accomplished from and with <br /> appropriate agencies. <br /> 3. The PROJECT Summary, attached and ' corporated herein, contains <br /> BORROWER Information (Section 1 thib ROJEC e ip on (Section 2), CWCB's <br /> authority for making this loan (Sectio :no Approval and Legislative <br /> Authorization which defines t - ;aunt and the terms of repayment <br /> (Section 4). <br /> 4. The CWCB now desires, by thi 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. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br /> amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in <br /> accordance with the terms as set forth in the Promissory Note, in the form attached <br /> hereto as Appendix 2 and incorporated herein. The initial Promissory Note shall <br /> identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to the <br /> BORROWER differs from the LOAN AMOUNT, the parties agree to amend this contract to <br /> revise the LOAN AMOUNT. <br /> 2. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB <br /> to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The <br /> CWCB shall calculate the amount of the interest that accrued prior to substantial <br /> completion of the PROJECT and notify BORROWER of such amount. The BORROWER shall <br /> repay that amount to the CWCB either within ten (10) days from the date of notification <br /> Page 1 of 9 <br />