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<br />I <br />I <br />I <br />I <br />I <br />I I <br />il <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />LOAN AGREEI'ENT <br />WICHITA BANK FOR COOPERATIVES <br /> <br />THE ISH RESERVOIR COMPANY <br />Berthoud, Colorado <br /> <br />No. <br />Date: <br /> <br />T-4323 <br />October 29, 1987 <br /> <br />The findings required by law having been duly made, the Wichita Bank for Cooperatives agrees <br />to make loans to the above-named cooperative association upon the following terms and <br />conditions: <br /> <br />AI()UNT: <br /> <br />Not to exceed $40,000 term loan <br /> <br />INTEREST: <br /> <br />Each advance made hereunder shall bear interest at the rate prescribed by <br />the Bank in accordance with law, payable quarterly on the last day of <br />11arch, June, September and December; provided, however, that If the <br />interest rate charged by the Bank on loans similarly classified is <br />changed to a higher or lower rate than the rate effective on the date <br />hereof, the association agrees to pay such higher rate, and the Bank <br />agrees to accept such lower rate on the unpaid balance hereunder, from <br />the effective date of such change of interest rate. <br /> <br />NOTES AND <br />SECURITY : <br /> <br />Advances made hereunder shall be evidenced by a promissory note or notes, <br />acceptable to the Bank, and shall be secured as a future advance under <br />the Bank's existing mortgages. Existing loans consolidated herewith <br />shall continue being secured by the Bank's existing mortgages. <br /> <br />PURPOSE: <br /> <br />Loans made hereunder shall be used to finance repairs to the Associa- <br />tion's current dam structure. <br /> <br />REPAY~NT: <br /> <br />Effective as of the date of the acceptance of this loan agreement and <br />upon receipt by the Bank of the notes required In connection therewith, <br />the Bank's outstanding loan numbered T -5146 in the amount of $60,079 <br />shall be combined with loans made hereunder; whereupon saId consolidated <br />indebtedness shall be subject to all the terms and conditions of this <br />agreement. <br /> <br />Loans made hereunder shall be due and payable as follows: <br /> <br />July 15, 1988 <br />July 15, 1989 <br />July 15, 1990 <br /> <br />$ 7,705 <br />14,780 <br />16,627 <br /> <br />July 15, 1991 <br />July 15, 1992 <br />July 15, 1993 <br /> <br />$18,475 <br />20,322 <br />22,170 <br /> <br />ADVANCES: <br /> <br />No advances shall be made hereunder until the Association has furnished <br />the Bank with a certified copy of a resolution from its board of direc- <br />tors authorizing this borrowing. <br /> <br />No advances shall be made hereunder until the association certifies to <br />the Bank that it has obtained the association's stockholders' approval of <br />this borrowing in accordance with the association's bylaws. <br /> <br />-27- <br />.! <br /> <br />. jjjili <br />