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<br />BORROWER: GREELEY & LOVELAND IRRIG. <br />CO. <br />Contract No. C150161 <br />Original Loan Amount $2,844,000 <br />Adjustment (I ncrease/Decrease): <br />$243,100.92 <br />Adjusted Loan Amount $2,600,899.08 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 07 PDA pI I ~/ / <br /> <br />LOAN CONTRACT AMENDMENT No.1 <br />(STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003) <br /> <br />This Amendment, made this October 30, 2006, by and between the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board ("CWCB"), and GREELEY & LOVELAND IRRIG. CO., a Colorado <br />nonprofit corporation ("BORROWER" or "CONTRACTOR"). <br /> <br />FACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and <br />otherwise made available for payment in Contract Encumbrance Number C150161. <br />B. Required approval, clearance, and coordination have been accomplished from and <br />with appropriate agencies. <br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number <br />C1500161, dated February 18, 2005, ("ORIGINAL CONTRACT"), incorporated herein by <br />reference, wherein the CWCB agreed to loan money in the total amount up to <br />$2,844,000, and the BORROWER agreed to repay the loan in accordance with the <br />terms of the ORIGINAL CONTRACT. <br />D. The Project was substantially complete as of July 1, 2006. <br />E. Of the $2,844,000 loan amount available, only $2,600,899.08 was disbursed to the <br />BORROWER for the PROJECT. <br />F. The parties agree to amend the contract to reduce the final loan amount. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />that shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the <br />promises and agreements herein set forth. <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the <br />ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br />3. The BORROWER agrees that it shall execute the following documents, all of which shall <br />set forth the revised loan amount of $2,600,899.08: <br />a. Promissory Note attached as Appendix A and incorporated herein, which shall <br />replace and supersede the Promissory Note in the amount of $2,844,000 dated <br /> <br />Page 1 of 5 <br />