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<br />3. It is agreed the Original Contract, as amended is and shall be modified, altered, and <br />changed in the following respects only: <br />a. Paragraph A5 is modified by the addition of the following sentence: <br />The CWCB hereby agrees to provide a request for release of deed of trust and <br />release, executed and recorded, attached hereto as Appendix 1 and <br />incorporated herein to release the property encumbered by the deed of trust to <br />the Contractor in consideration of the Contractor providing substitute collateral to <br />assure repayment of the loan. <br />b. Paragraph A5 is modified by the addition of the following sentence: <br />Part of the security provided for this loan, as evidenced by the Deed of Trust, <br />executed by the Contractor, attached as Appendix 2 and incorporated herein, <br />shall be an undivided one hundred percent (100%) interest in Fossil Creek Dam <br />and Reservoir, as more particularly described in the attached Deed of Trust, <br />hereinafter referred to as "collateral." <br />c. Paragraph A11 is replaced by the following: <br />The Contractor promises to pay the State the principal sum of Four Hundred and <br />Four Thousand Five Hundred One and 99/100 Dollars ($404,501.99) plus interest <br />at the rate of five percent (5%) per annum for a term of forty (40) years. Principal <br />and interest shall be payable in equal installments of $23,573.63, with the first <br />payment due and payable May 1, 1990, and annually thereafter until all principal <br />and interest have been paid in full, with all such principal and interest required to <br />be paid within 40 years. Payments shall be made payable to the Colorado Water <br />Conservation Board and mailed to 1313 Sherman Street, Room 721, Denver, <br />Colorado 80203. The outstanding loan amount may be prepaid in whole or in part <br />at any time without premium or penalty. Any partial prepayment shall not postpone <br />the due date of any subsequent payments or change the amount of such <br />payments. All payments received shall be applied first to accrued interest and <br />then to reduce the principal amount. As of the date of this amendment, the <br />outstanding principal balance on this loan was $350,034.82. <br />d. Paragraph I of to the Original Contract is revised to read as follows: <br />Upon complete repayment to the STATE of the entire principal and all accrued <br />interest, the STATE agrees to convey to the Contractor all of the STATE'S right, title, <br />and interest in and to the project by deed or other proper conveyance and to <br />execute a release of deed of trust to convey to the CONTRACTOR all of the STATE'S <br />right, title, and interest in and to. the property described in the Deed of Trust. <br />e. The Special Provisions are amended by the addition of the following: <br />11. Pursuant to CRS 24-30-202.4 (as amended), the state controller may. <br />withhold debts owed to state agencies under the vendor offset intercept system <br />for: (a) unpaid child support debt or child support arrearages; (b) unpaid balance <br />of tax, accrued interest, or other charges specified in Article 22, Title 39, CRS; <br />(c) unpaid loans due to the student loan division of the department of higher <br />education; (d) owed amounts required to be paid to the unemployment <br />compensation fund; and (e) other unpaid debts owing to the state or any agency <br />thereof, the amount of which is found to be owing as a result of final agency <br /> <br />---- <br />