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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 /> Consolidated Ditch and Headgate Company, 3414 CR 104 S,Alamosa, CO 811o1, a <br /> Colorado Mutual Ditch Company and Colorado nonprofit 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 <br /> Consolidated Diversion and headgate Replacement ("PROJECT") to improve the existing <br /> diversion structure and headgate to the Rio Grande River.The total estimated Project Cost is <br /> $1,862,000.00. The total loan amount ("TOTAL LOAN AMOUNT") of i,oio,000.00, which <br /> includes a one percent (i%) loan origination fee ofsio,000.00, is payable over 3o years at an <br /> interest rate of 1.8o%. The CWCB now desires, by this CONTRACT, to loan money to the <br /> BORROWER for this PROJECT 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 /> Security Agreement) and Appendix 6 (Deed of Trust). <br /> The Borrower's Authorizing Resolutions will be delivered to CWCB, in the form of <br /> Appendix 4, along with the loan contract signed by the Borrower. <br /> The PROJECT SUMMARY (attached as Appendix 1) 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 11). <br /> A. DEFINITIONS <br /> The following terms as used herein shall be construed and interpreted as follows: <br /> Page 3 of 16 <br />