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� � BORROWER/ASSIGNOR: ESTATE OF BILL Agency Name: Water Conservation Board PoRTER Agency Number PDA ASSIGNEE: B.F. & M.E. PORTER LLLP Contract No. C150116 LOAN CONTRACT AMENDMENT NO. 1 (STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003) This Amendment, made this June 14, 2010, by and befinreen the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), Estate of Bill Porter (" BORROWER " or "Asst�tvoR"), and B.F. & M.E. Porter, LLLP ("B.F. & M.E."). FACTUAL RECITALS A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made available for payment in Contract Encumbrance Number C150116. B. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. The CWCB and the BORROWER entered into Contract Encumbrance Number C150116, dated November 1, 2002 (" ORIGINAL CONTRACT incorporated herein by reference, wherein the CWCB agreed to loan money in the total amount up to $1,000,000, and the BoRROwER agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT. D. The Project was substantially complete as of January 1, 2004. E. Bill Porter died in June 2006 and his estate continued to make the loan payments pending final disposition of the estate. F. The attorney for the BORROWER submitted a letter dated December 28, 2007, requesting that the principal portion of the January 2008 loan payment be deferred due to unexpected financial difficulties incurred by Bill Porter's death. G. The Borrower and B.F. & M.E. have entered into an Agreement, dated June 7, 2010, whereby the Borrower will sell its interest in its ranch real properly and the reservoir to B.F. & M.E., and B.F. & M.E. will assume the duties, functions and liabilities of the Borrower under the ORIGINAL CONTRACT 811d t0 eX2CUte all necessary documents herewith. H. Of the $1,000,000 loan amount ("Loan Amount" dU@ UCldef th2 ORIGINAL CONTRACT the BoRROwER has made principal payments totaling $205,790.18, leaving a principal balance due at the time of this agreement of $794,229.82. I. The parties agree to amend the contract to name B.F. & M.E. as the borrower, to adjust the loan amount to reflect the current principal balance due and stated in the attached Promissory Note, and to revise the loan term,to the 15 years remaining after the principal payment deferral.