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<br />loan by an additional $5,608.77. Said resolutions are attached hereto as Appendix 1, and <br />incorporated herein. <br /> <br />4. Prior to the execution of this Amendment by the CWCB, the CONTRACTOR shall submit to the <br />CWCB a letter from its attorney stating that it is the attorney's opinion that (1) the person <br />signing for the CONTRACTOR was duly elected or appointed and has authority to sign such <br />documents on behalf of the CONTRACTOR and to bind the CONTRACTOR; (2) the CONTRACTOR'S <br />board of directors has validly adopted resolutions approving this Amendment; (3) there are no <br />provisions in the CONTRACTOR'S articles of incorporation or by-laws or any state or local law <br />that prevent this Amendment from binding the CONTRACTOR; and (4) this Amendment will be <br />valid and binding against the CONTRACTOR if entered into by the CWCB. <br /> <br />5. The CONTRACTOR agrees that it shall execute a Promissory Note, attached as Appendix 2 and <br />incorporated herein, which shall supersede and replace Appendix B to the ORIGINAL CONTRACT; <br />an Assignment of Certificate of Deposit, attached hereto as Appendix 3 and incorporated herein, <br />which shall be in addition to Appendix D to the ORIGINAL CONTRACT; and an Amendment to <br />Security Agreement, attached as Appendix 4 and incorporated herein, which shall supplement <br />and operate in conjunction with Appendix E of the ORIGINAL CONTRACT, all of which shall set forth <br />the revised loan amount. <br /> <br />6. It is agreed the ORIGINAL CONTRACT, as amended is and shall be modified, altered, and changed <br />in the following respects only: <br /> <br />a. The second sentence of ParagraphA.2, Time for PROJECT Completion, is revised to read as <br />follows: <br /> <br />Therefore, the BORROWER shall commence with construction in order to complete the PROJECT <br />by no latei than Decembei 31, 2004. <br /> <br />b. The first sentence of Paragraph A.12, Collateral, of the ORIGINAL CONTRACT is revised to <br />read as follows: <br /> <br />In addition to the revenues pledged as repayment for this loan, part of the security provided <br />for this loan, shall be an undivided 100% interest in the following, hereinafter referred to as <br />SECURITY, certificate of deposit account(s) established by the BORROWER in the total amount <br />of $16,826.29, hereinafter referred to ~ CD ACCOUNT, as evidenced by the executed <br />Assignment(s) of Certificate of Deposit, in the form attached as Appendix D and incorporated <br />herein. <br /> <br />c. Paragraph A.15.b is amended to remove the requirement for an Assignment of Deposit <br />Account as Security upon completion of the Project, so lines 4 and 5 are revised to read <br />as follows: "... and incorporated herein. The Borrower acknowledges that the CWCS <br />shall perfect...." <br /> <br />7. Except for the SPECIAL PROVISIONS, in the event of any conflict, inconsistency, variance, or <br />contradiction between the provisions of this Amendment and any of the provisions of the ORIGINAL <br />CONTRACT, the provisions of this Amendment shall in all respects supersede, govern, and control. <br />The SPECIAL PROVISIONS shall always be controlling over other provisions in the contract or <br />amendments. The representations in the SPECIAL PROVISIONS concerning the absence of bribery or <br />corrupt influences and personal interest of CWCB employees are presently reaffirmed. <br /> <br />8. Financial obligations of the CWCB payable after the current fiscal year are contingent upon funds for <br />that purpose being appropriated, budgeted, and otherwise made available. <br /> <br />9. This amendment shall be deemed valid or effective upon approval by the controller of the State of <br />Colorado or such assistant as he may designate. <br /> <br />Page 2 of 3 <br />