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<br />PROJECT SUMMARY - BORROWER - CONTRACT No. C150086 <br />SECTION 1 -BORROWER INFORMATION <br />Name: The Glenwood Irrigation Company <br />Address: P,O, Box 27 <br />Glenwood Springs, Colorado 81602 <br />970-945-6746 <br />sandyj@rotnet <br />Colorado nonprofit corporation <br /> <br />Phone Number: <br />E-mail address: <br />Type of Entity: <br /> <br />SECTION 2 - PROJECT DESCRIPTION <br /> <br />A, Description of Project: Rehabilitation of the Glenwood Ditch diversion structure and <br />headgate located in Garfield County, <br /> <br />B, Description of Feasibility Study: The CWCB reviewed a feasibility report on the PROJECT <br />compiled by Mike Kishimoto, Mike Deluzio, and Dennis Davidson of the Glenwood Natural <br />Resources Conservation Service, which is incorporated herein by reference, and based upon <br />this feasibility report, the CWCB determined the report meets the requirements of the CWCB <br />Construction Fund Guidelines for feasibility studies, <br /> <br />SECTION 3 - BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION <br /> <br />A At its July 23-24, 2001 meeting, the CWCB approved a loan to the BORROWER in an amount <br />up to $85,000, at an interest rate of 5% per annum for a repayment term of 30 years, <br /> <br />B. Section 37-60-122,7, CR.8" authorizes the CWCB to make loans of up to $100,000 from <br />the Small Project Loan Account of the Construction Fund without prior approval from the <br />General Assembly if the CWCB determines that delay would result in undue hardship on <br />the borrower, The CWCB did make such determination at said meeting, <br /> <br />SECTION 4 - COLLATERAL <br /> <br />Part of the security provided for this loan, as evidenced by the executed Deed of Trust <br />attached as Appendix 5 and incorporated herein, shall be an undivided one hundred percent <br />(100%) interest in the Glenwood Ditch diversion structure and headgate, as more particularly <br />described in the attached Deed of Trust, hereafter referred to as the Collateral. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />The BORROWER has a loan in the amount of $135,646,50 with the Alpine Bank ("Bank") of <br />Glenwood Springs, Colorado, The BORROWER and the Bank have entered into an Agreement <br />for Declaration, Levy and Assignment of Association Assets dated November 29, 2001, <br />incorporated herein by reference, In Paragraph 3.i of the Agreement, the Bank agrees to <br />release the Bank's UCC filing in favor of the CWCB, The Bank will then re-record another <br />UCC in favor of Alpine Bank, which will be subordinate to the CWCB's lien, Upon the Bank <br />providing the CWCB with a copy of the recorded UCC-3 releasing the Bank's first position <br />interest, the CWCB will process disbursement of the loan as requested by the BORROWER. <br /> <br />SECTION 6 - DISBURSEMENT SCHEDULE <br /> <br />The BORROWER shall prepare a periodic progress report which contains a statement of the <br /> <br />Appendix 1 to Loan Contract 150086 <br />