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<br />BORROWER: GMS LAND & CATTLE CO, <br />Contract No, C150132 <br />Loan Amount $200,000 <br />1% Service Fee $2,000 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 03 PDA 0 007 '1 <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />THIS CONTRACT, made this March 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" or "STATE"), and G.M,S. Land and Cattle Company LLC, 630 <br />Dogwood, Cheyenne, WY 82009, a limited liability company ("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. C150132, Fund Number 424, Appropriation Code MC3, Organization YYYY, GBL <br />G132, Program WTRC, Object Code 5881, Reporting Category 0132. <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 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 /> <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. 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 /> <br />2. Contract Amendment Service Fees, Under certain circumstances, the BORROWER <br />shall be assessed fees for amending the contract. <br /> <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 /> <br />Page 1 of 9 <br />