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<br />BORROWER: EAST FORK MUTUAL IRRIG.
<br />Contract No. C150166
<br />Original Loan Amount $259,860
<br />Increase: $121,412
<br />Adjusted Loan Amount $381,272
<br />
<br />Agency Name: Water Conservation Board
<br />Agency Number PDA
<br />Routing Number: 05 PDA C1 () 050
<br />
<br />LOAN CONTRACT AMENDMENT No. 1
<br />(STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003)
<br />
<br />This Amendment, made this September 20, 2004, by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board ("CWCB"), and East Fork Mutual Irrigation Company, P. O. Box 511,
<br />Kremmling, Colorado 80459, a Colorado nonprofit corporation ("BORROWER" or
<br />"CONTRACTOR").
<br />
<br />FACTUAL RECITALS
<br />
<br />A. Authority exists in the law, and funds have 'been budgeted, appropriated, and otherwise
<br />made available for payment in Contract Encumbrance Number C150166, Fund Number
<br />424, Appropriation Code MC4, Organization YYVY, GBL E166, Program WTRC, Object
<br />Code 5882, Reporting Category 0166.
<br />
<br />B. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
<br />
<br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number C150166,
<br />dated March 1, 2004 ("ORIGINAL CONTRACT"), incorporated herein by reference, wherein
<br />the CWCB agreed to loan money in the total amount up to $259,860, and the BORROWER
<br />agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT.
<br />
<br />D. During engineering planning and design of the Project, the method of slope stabilization
<br />remediation not anticipated in the original project cost estimate was altered. This
<br />revision increased the cost of the PROJECT by $160,280. To meet the increased costs,
<br />the BORROWER requested an additional $121,412 for a total loan amount of $381,272.
<br />
<br />E. At its September 2004 meeting, the CWCB approved increasing this loan by $121,412
<br />($120,210 for Project costs and $1,202 for the 1% Loan Service Fee) for a total loan
<br />amount of up to $381,272 of the total Project costs. The terms for the additional loan
<br />amount are an interest rate of 2.5% per annum and a repayment period of 30 years.
<br />
<br />F. The CWCB and the BORROWER have agreed to amend this contract to increase the
<br />amount of the loan by $121,412 (($120,210 for Project costs and $1,202 for the 1% Loan
<br />Service Fee) for a total loan amount of up to $481,272 to finance Project costs.
<br />
<br />NOW THEREFORE, it is hereby agreed that
<br />
<br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments
<br />that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, and the
<br />promises and agreements herein set forth.
<br />
<br />2. 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 specifically
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