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<br />^-, '\ <br />f.. ," J <br /> <br />,,-'-'" <br /> <br />a. Principal amount. The principal amount of the loan shall be the total amount of funds <br />advanced by the STATE to the BORROWER under the terms of this contract, not to exceed <br />the MAXIMUM LOAN AMOUNT of $40,000. <br /> <br />b. Interest rate. The interest on the principal shall accrue at the rate of four percent (4%) <br />per annum on all funds advanced to BORROWER. <br /> <br />c. Duration. The repayment period of this loan shall be thirty (30) years. <br /> <br />d. Loan payment. If the amount borrowed is the MAXIMUM LOAN AMOUNT, payments <br />would be made in thirty (30) annual installments of Two Thousand Three Hundred Thirteen <br />Dollars and Twenty Cents ($2,313.20), which amount includes principal and interest. The <br />first installment shall be due and payable one year after the STATE declares that the <br />PROJECT has been substantially completed, and yearly thereafter until the entire principal <br />sum and any accrued interest shall have been paid. Payments are to be made payable to <br />the CWCB at the address given below. <br /> <br />a. Interest during construction. The BORROWER shall repay to the STATE interest which will <br />be calculated monthly at an equivalent rate of four percent (4%) per annum on each loan <br />advance disbursed to the BORROWER during construction. Said accumulated interest shall <br />be paid to the STATE as a single lump sum within ten days of the PROJECT bein9 declared <br />substantially completed. The actual interest which will accumulate during construction is <br />unknown and cannot be calculated until the conclusion of construction. <br /> <br />b. Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, <br />without penalty. These payments will be applied first to any accrued interest and then to <br />reduce the principal-amount. <br /> <br />9. Security provisions. Part of the security provided for this loan, as evidenced by the <br />executed deed of trust attached as Appendix B and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in the following, hereinafter referred to as SECURITY: The Appleton <br />ML350 Ditch Company. Inc. main headgate and main ditch. described as follows: commencing at <br />the main headgate (ML350l on the Grand Valley Canal and runs south along the west side of 23'1z <br />Road to H Road, from which point it extends south approximately 1400 feet along 23'1z Road and <br />also west approximately 1340 feet along the south side of H Road. from which point the ditch divides <br />continuing west approximately 500 feet and also south along 2314 Road for approximately 2200 feet. <br />all of which i~ located in Sections 29 and 32. Township 1 North. Range 1 West. Ute Princip~1 <br />Ivieriaian, IVlesa Loumy, \,,;oloraao. <br /> <br />10. Remedies for default. Upon default in the payments herein set forth to be made by the <br />BORROWER, or default in the performance of any covenant or agreement contained herein, the STATE, . <br />at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due <br />and payable; <br /> <br />b. for the account of the BORROWER, incur and pay reasonable expenses for repair, <br />maintenance, and operation of the PROJECT herein described and such expenses as may be <br />necessary to cure the cause of default; <br /> <br />APPLETON ML350 DITCH COMPANY, INC. LOAN CONTRACT <br /> <br />Page 5 of 11 <br />