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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Water Supply Planning & Finance Section <br />1580 Logan Street, Suite 750 <br />Denver, Colorado 80203 <br />www.cwcb.state.co.us <br /> <br /> <br />Bill Owens <br />Governor <br /> <br />August 3, 2005 <br /> <br />Russell George <br />Executive Director <br /> <br />Stromberger Land and Cattle Company <br />Attn: Alan Stromberger <br />14063 Summit Drive <br />Sterling, CO 80751 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Subject: Loan Contract C150123 Amendment No.1 <br /> <br />Dear Mr. Stromberger: <br /> <br />Enclosed for review are the documents for the amendment to Contract C150123 to increase the <br />loan by $59,000 for a tota110an amount of up to $473,000 from the Colorado Water Conservation <br />Board. <br /> <br />The enclosed contract documents consist of the loan contract amendment, new promissory note, <br />board resolution, and a second amendment to the deed of trust. <br /> <br />If the Company is satisfied with the enclosed documents, these documents are suitable for <br />signing. Both managers of the company must sign each document: four original copies of the <br />loan contract amendment, and one copy each of the promissory note, board resolution and deed <br />of trust) where indicated by a "sign here" sticker. A notary public must witness the signatures on <br />the deed of trust. Also, please fill in the place and date of the meeting on resolution Appendix <br />A). <br /> <br />According to the terms of the contract amendment, you must also submit an opinion letter from <br />your attorney (see contract page 2, paragraph 5). The letter must state that (1) the person(s) <br />signing for the company was duly elected or appointed and has authority to sign such documents <br />on behalf of the company and to bind the company; (2) the company's governing body has <br />validly adopted a resolution approving this Amendment; (3) there are no provisions in the any <br />state or local law that prevent this Amendment from binding the company ; and (4) this <br />Amendment will be valid and binding against the company if entered into by the CWCR <br /> <br />As soon as the attorney opinion letter and signed contract documents are returned, it takes <br />approximately five to ten working days for the State to execute the contract, at which time the <br />loan funds will be available. You will work with Tim Feehan (303-866-3480 or 303-618-5010) <br />during the construction ofthe project and he will handle your loan disbursements. <br />