C150191 Contract

• Contract/PO #: C150191
• Contractor Name: Buffalo Farms Water Development, LLC
• Contract Type: Loan
• Water District: 64
• County: Logan
• Loan Projects - Doc Type: Contract Documents

BORROWER: BUFFALO FARMS WATER
DEVELOPMENT, LLC
Contract No. C150191
Original Loan Amount $195,435
Adjustment (Increase): $81,000
Add'l Loan Service Fee $810
Adjusted Loan Amount $277,245

Agency Name: Water Conservation Board
Agency Number PDA
Routing Number: 06 PDA t)~ t>.5 Y

LOAN CONTRACT AMENDMENT No. 1
(STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10,2003)

This Amendment, made this January 6, 2006, by and between the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
Conservation Board ("CWCB"), and Buffalo Farms Water Development, LLC, a Colorado
limited liability company, 1743 CR 25, Merino, Colorado 80741 ("BORROWER" or
"CONTRACTOR").

FACTUAL RECITALS

A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise
made available for payment in Contract Encumbrance Number C150191.
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 C150191,
dated January 1, 2005 ("ORIGINAL CONTRACT"), incorporated herein by reference,
wherein the CWCB agreed to loan money in the total amount up to $195,435, and the
BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL
CONTRACT.
D. During construction of the Project, the BORROWER encountered unforeseen site
conditions, design modifications, and unforeseen cost increases for specific items
during construction. These items increased the cost of the PROJECT by $90,000. To
meet the increased costs, the BORROWER requested an additional $81,000 for a total
loan amount of $277,245.
E. Robert V. Sanderson, a Colorado individual, replaced JGMAC Investments Group,
LLC, as a member of the BORROWER.
F. At its November 16,2005 meeting, the CWCB approved increasing this loan by $81,810
for a total loan amount of up to $277,245 to finance up to 90% of the total Project costs.
The terms for the additional loan amount are an interest rate of 2.25% per annum and
a repayment period of 20 years. A loan service fee of 1 % shall be imposed on the
additional loan amount in accordance with CWCB Policy No. 16.
G. The CWCB and the BORROWER have agreed to amend this contract to increase the
amount of the loan by $81,000 plus the 1 % loan service fee for a total loan amount of
up to $277,245 which may be used to finance up to 90% of the total Project cost.
NOW THEREFORE, it is hereby agreed that

Loan Contract C150191 Amendment No.1
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