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<br />BORROWER: WILLOW HEIGHTS IRRIGATION CO.
<br />Contract No, C150143
<br />Project Amount 5103,500
<br />1 % Loan Service Fee $1,035
<br />Loan Amount $104,535
<br />
<br />Agency Name: Water Conservation Board
<br />Agency Number PDA " 7
<br />Routing Number: 04 POA _ _
<br />
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT, made this August 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" and/or "STATE"), and Willow Heights Irrigation Company,
<br />P,O, Box 730, Hotchkiss, Colorado 81419, a Colorado nonprofit corporation, ("BORROWER"
<br />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, C150143, Fund Number 424, Appropriation Code MC3, Organization YYYY. GBL
<br />W143, Program WTRC, Object Code 5881, Reporting Category 0143,
<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 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 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
<br />excess of 3 per loan, and loan consolidation. Amendments in the course of
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