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B. Loan Expiration Date <br /> The Loan Expiration Date is the date on which this Contract expires. The Loan Expiration <br /> Date is when the term of the loan ends; which is based upon the Loan Effective Date or the <br /> date of CWCB's Notice of Project Substantial Completion of Project. <br /> C. Project Term <br /> The Parties' respective performances of the project under this Contract shall commence on <br /> the Contract Project Performance Beginning Date shown on the Signature and Cover Page <br /> for this Contract and shall terminate on the Contract Project Performance End Date shown <br /> on the Signature and Cover Page for this Contract unless sooner terminated or further <br /> extended in accordance with the terms of this Contract. This project term does not include <br /> the full repayment period for the loan or this Contract. <br /> D. Project Extension Terms- State's Option <br /> The State,at its discretion, shall have the option to extend the Project performance under this <br /> Contract beyond the Project End Date for a period,at the same rates and under the same terms <br /> specified in the Contract(each such period a"Project Extension Term"). In order to exercise <br /> this option, the Borrower shall provide written justification to CWCB and CWCB will <br /> provide written authorization for the Project term extension. <br /> 3. AUTHORITY <br /> The Rio Grande Reservoir Rehabilitation Project is a component of the Rio Grande Cooperative <br /> Project(Cooperative Project)which received a funding authorization from the General Assembly <br /> in the 2012 Projects Bill (SB12S-002). Due to increased construction cost estimates during the <br /> final design of the Project,the authorization was increased in the 2017 Projects Bill(HB17-1248). <br /> The legislation provided a$5 million grant for Phase 1 of the Rio Grande Reservoir Rehabilitation <br /> Project. Phase 1 funding was used to addressed dam seepage,a land exchange with the U.S.Forest <br /> Service, and final design. The remaining authorization of$25 million is available for Phase 2. <br /> 4. PURPOSE <br /> At the March, 2018 board meeting, CWCB approved a loan request for the Rio Grande Reservoir <br /> Rehabilitation Project-Phase 2. The purpose of the Project is to provide operational efficiencies <br /> and improve stream health and utilization of Rio Grande water by rehabilitating the outlet works <br /> of the on-channel Rio Grande Reservoir Dam. <br /> 5. DEFINITIONS <br /> The following terms shall be construed and interpreted as follows: <br /> A. "Appendices" means the following appendices attached to this contract: <br /> i. Appendix 1, Project Summary <br /> ii. Appendix 2, Option Letter <br /> iii. Appendix 3, Promissory Note <br /> iv. Appendix 4, Resolutions or Ordinances <br /> v. Appendix 5, Security Agreement <br /> B. "Contract" means this agreement, including all attached Appendices, all documents <br /> incorporated by reference, all referenced statutes, rules and cited authorities, and any future <br /> modifications thereto. <br /> Page 3of15 <br /> Contract Number:CT2018-3303 <br />