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BORROWER: SHULTZ FARM, INC. Contract No. C150124 Loan Amount $400,000. Agency Name: Water Conservation Board Agency Number PDA Routing Number 03 PDA 000 ~ 0 LOAN CONTRACT THIS CONTRACT, made this January 1, 2003, is by and between the State of Colorado for the use and benefit of The Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or "STATE"), and Shultz Farm, Inc., 21475 Weld County Road 19, Milliken, CO 80543, a Colorado 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. C150124, Fund Number 424, Appropriation Code MC3, Organization YVYY, GBL S124, Program WTRC, Object Code 5881, Reporting Category 0124. 2. Required approval, clearance, and coordination have been accqmplished 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 for this PROJECT 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 1. 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 Promissory Note shall identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWeB to the BORROWER differs from 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 to the 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 PROJECT 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 from the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the Page 1 of 8 ~ ._..li..~