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<br />BORROWER: TOYNE, GLENN
<br />Contract No, C150140
<br />Project Amount $75,600
<br />1% Service Fee $756
<br />Loan Amount $76,356
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<br />Agency Name: Water Conservation Board
<br />Agency Number PDA
<br />Routing Number 03 PDA (){){)Cl3
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<br />LOAN
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<br />CONTRACT
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<br />THIS CONTRACT, made this June 1, 2003, is by and between the State of Colorado
<br />for the use and benefit of The Department of Natural Resources, Colorado Water
<br />Conservation Board ("CWCB" or "STATE"), and Glenn D. Toyne, 11759 Highway 59,
<br />Sedgwick, Colorado 80749, a Colorado individual ("BORROWER" or "CONTRACTOR").
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<br />FACTUAL RECITALS
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<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, C150140, Fund Number 424, Appropriation Code MC3, Organization YYYV, GBL
<br />T140, Program WTRC, Object Code 5891, Reporting Category 0140.
<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 eWCB Approval and Legislative
<br />Authorization which defines 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:
<br />A. LOAN PROVISIONS
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<br />1, Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the
<br />amount of the funds loaned by the eWCB to the BORROWER and (2) a service fee of
<br />one percent (1 %) of the amount of the funds loaned. In the event that the BORROWER
<br />does not use the full loan amount authorized, the parties shall amend this contract to
<br />revise the LOAN AMOUNT and to adjust the service fee to reflect 1 % of the actual loan
<br />amount disbursed to the BORROWER.
<br />2, Contract Amendment Service Fees. Under certain circumstances, the BORROWER
<br />shall be assessed fees for amending the contract.
<br />a. A service fee shall be imposed on the BORROWER for amendments processed for
<br />the benefit of the BORROWER and necessary for the BORROWER'S course of
<br />business, including, but not limited to, a change in borrower name (novation),
<br />assignment of contract, substitution of collateral, loan payment deferments in
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