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<br />BORROWER: KERN RESERVOIR & DITCH CO. <br />Contract No. C150112 <br />Loan Amount $1,000,000 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 03 PDA 1:JtX)t(7 <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />THIS CONTRACT, made this December 1, 2002, 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" or "STATE"), and Kern Reservoir and Ditch Company, 2319 <br />10th Street, Windsor, CO 80550, a Colorado nonprofit corporation ("BORROWER" or <br />"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. C150112, Fund Number 424, Appropriation Code MC3, Organization YYVY,GBL <br />K112, Program WTRC, Object Code 5881, Reporting Category 0112. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Inf{)rmation (3ec.tivll 1 ), the PHOJECT uescnptJon (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 /> <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 /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br /> <br />A LOAN PROVISIONS <br /> <br />1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br />amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in <br />accordance with the terms as set forth in the Promissory Note, in the form attached <br />hereto as Appendix 2 and incorporated herein. The initial Promissory Note shall <br />identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to the <br />BORROWER differs from the LOAN AMOUNT, the parties agree to amend this contract to <br />revise the LOAN AMOUNT. <br /> <br />2. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB <br />to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The <br />CWCS shall calculate the amount of the interest that accrued prior to substantial <br />completion of the PROJECT and notify BORROWER of such amount. The BORROWER shall <br />repay that amount to the CWCS either within ten (10) days from the date of notification <br /> <br />Page 1 of 9 <br />