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BORROWER: FULTON IRRIGATING DITCH CO. Agency Name: Water Conservation Board <br /> Contract No. C150168 Agency Number PDA <br /> Project Amount $170,000 Routing Number 04 PDA <br /> Loan Service Fee $1,700 <br /> Loan Amount $171,700 <br /> LOAN CONTRACT <br /> (STANDARD CONTRACT-WAIVER#160-APPROVED NOVEMBER 10, 2003) <br /> THIS CONTRACT, made this April 1, 2004, is by and between the State of Colorado for <br /> the use and benefit of The Department of Natural Resources, Colorado Water <br /> Conservation Board ("CWCB" or "STATE"), and The Fulton Irrigating Ditch Company, 25 <br /> South 4th Avenue, Brighton, Colorado 80601, a Colorado mutual ditch company nonprofit <br /> corporation, ("BORROWER"). <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. C150168, Fund Number 424, Appropriation Code MS4, Organization YYYY, GBL <br /> F168, Program WTRC, Object Code 5882, Reporting Category 0168. <br /> 2. Required approval, clearance, and coordination have been accomplished from and with <br /> appropriate agencies. <br /> 3. 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 and Legislative <br /> Authorization which identifies the amount of the loan and the terms of repayment <br /> (Section 4). <br /> 4. 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: jik <br /> PALI JP <br /> A. LOAN PROVISIONS <br /> 1. Loan Service Fee. The amount of the loan (Lo 'i vICCJNT) shall include (1) the <br /> amount of the funds loaned by the CWCB to the B ixWER filhe PROJECT and (2) <br /> a service fee of one percent (1%) of the PROJECT amount. n the eventthat the <br /> BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this <br /> contract to revise the LOAN AMOUNT including adjustment of the service fee to reflect <br /> 1°/0 of the actual LOAN AMOUNT disbursed to the BORROWER. <br /> 2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER <br /> shall be assessed a fee for amending the contract. <br /> Page 1 of 10 <br />