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<br />BORROWER: RIO GRANDE & PIEDRA VALLEY
<br />DITCH CO,
<br />Contract No. C150155
<br />Project Amount $52,000
<br />1 % Loan Service Fee $520
<br />Loan Amount $52,520
<br />
<br />Agency Name: Water Conservation Board
<br />Agency Number PDA '
<br />Routing Number: 04 PDA OD037
<br />
<br />LOAN
<br />
<br />CONTRACT
<br />
<br />THIS CONTRACT, made this November 1, 2003, is by and between the State of
<br />Colorado for the use and benefit of The Department of Natural Resources, Colorado Water
<br />Conservation Board ("CWCB" and/or "STATE"), and The Rio Grande and Piedra Valley
<br />Ditch Company, 270 County Road 14A, Del Norte, CO 81132, a Colorado nonprofit
<br />corporation, ("BORROWER" and/or "CONTRACTOR").
<br />
<br />FACTUAL RECITALS
<br />
<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, C150155, Fund Number 424, Appropriation Code MC4, Organization YYYY, GBL
<br />R155, Program WTRC, Object Code 5881, Reporting Category 0155.
<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 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
<br />1, Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the
<br />amount of the funds loaned by the CWCB to the BORROWER and (2) a service fee of
<br />one percent (1 %) of the amount of the funds loaned, In the event thatthe 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 this 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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