C150148 PIF

• Contract/PO #: C150148
• Contractor Name: The Ogilvy Irrigating and Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

BORROWER: OGILVY IRRIGATING AND LAND CO. Agency Name: Water Conservation Board
Contract No. C150148 Agency Number PDA
Project Amount $350,000 Routing Number: 04 PDA
1% Loan Service Fee $3,500
Loan Amount $353,500
LOAN CONTRACT
THIS CONTRACT, made this October 1, 2003, is by and between the State of
Colorado for the use and benefit of The Department of Natural Resources, Colorado Water
Conservation Board ("CWCB" and/or "STATE"), and The Ogilvy Irrigating and Land
Company, 822 7th Street, Suite 760, Greeley, Colorado 80631, a Colorado nonprofit
corporation, ("BORROWER" and/or "CONTRACTOR").
FACTUAL RECITALS
1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise
made available and a sufficient unencumbered balance thereof remains available for
encumbering and subsequent payment of this contract under: Contract Encumbrance
No. C150148, Fund Number 424, Appropriation Code MC4, Organization YYYY, GBL
0148, Program WTRC, Object Code 5881, Reporting Category 0148.
2. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains
BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's
authority for making this loan (Section 3), and CWCB Approval and Legislative
Authorization which defines the amount of the loan and the terms of repayment
(Section 4).
4. The CWCB now desires, by this contract, to loan money to the BORROWER for this
PROJECT upon mutually agreeable terms and conditions.
THEREFORE, in consideration of the mutual,acid:' epe nD covenants contained
0
herein, the parties agree as follows:
A. LOAN PROVISIONS t; 1 »
1. Loan Service Fee. The amount of the loan (LOAN AMO1N shall include (1) the
amount of the funds loaned by the CWC1§to the BORROWER d (2) a service fee of
one percent (1%) of the amount of the funds loaned. In the event that the BORROWER
does not use the full loan amount authorized, the parties shall amend this contract to
revise the LOAN AMOUNT and to adjust the service fee to reflect 1% of the actual loan
amount disbursed to the BORROWER.
2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER
shall be assessed fees for amending this contract.
a. A service fee shall be imposed on the BORROWER for amendments processed for
the benefit of the BORROWER and necessary for the BORROWER'S course of
business, including, but not limited to, a change in BORROWER name (novation),
assignment of contract, substitution of collateral, loan payment deferments in
excess of 3 per loan, and loan consolidation. Amendments in the course of
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