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� � BORROWER: THE AMITY MUTUAL IRRIGATION COMPANY Contract No. C150099 Loan Amount $360,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number 03 PDA �et� 2� LOAN CONTRACT THIS CONTRACT made this September 1, 2002, is, by and befinreen the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or " STATE "), and The Amity Mutual Irrigation Company, P. O. Box 187, Holly, CO 81054, a Colorado nonprofit corporation (" BORROWER " or "CONTRACTOR"�. FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for encumbering and subsequent payment of this contract under: Contract Encumbrance No. C150099, Fund Number 424, Appropriation Code L02, Organization YYYY, GBL A099, Program WTRC, Object Code 5881, Reporting Category 0099. 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. 3. The PROJECT Summary attached as Appendix 1 and incorporated herein, contains BORROWER Information (Section 1) the. PROJECT Description (Section 2), CWCB's authority for making this loan (Section 3), and CWCB Approval and Legislative Authorization which defines the amount of the loan and the terms of repayment (Section 4). 4. The CWCB now desires, by this contract, to loan money to the BORROWER f01' thlS PRO�ECT upon mutually agreeable terms and conditions. THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: A. LOAN PROVISIONS Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LoaN AMOUNT and the BoRROwER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, in the form attached hereto as Appendix 2 and incorporated herein. The initial Promissory Note shall identify the Loarv AnnouNT. If the amount of loan funds disbursed by the CWCB to the BORROWER dlffefS ft'OR1 the LOAN AMOUNT the parties agree to amend this contract to revise the LOAN AMOUNT. 2. Interest Prior to PROJECT Completion As the loan funds are disbursed by the CWCB t0 th2 BORROWER interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued prior to substantial completion of the PRO��cT and notify BoRROwER of such amount. The BoRROwER shall repay that amount to the CWCB either within ten (10) days from the date of notification Page 1 of 9