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� RESERVOIR Contract No. C150190 Original Loan Amount $155,035 Adjustment (Increase): $355,000 Adjusted Loan Amount $510,035 � Agency Name: Water Conservation Board Agency Number PDA Routing Number: 08 PDA opo�ss LOAN CONTRACT AMENDMENT NO. 2 (STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 1 O, 2003) This Amendment, made this March 14, 2008, by and betw�� the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), and Beaver Reservoir Company, P.O. Box 120, Hotchkiss, CO 81419, a Colorado nonprofit corporation (" 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 C150190. B. Required approval, clearance, and coordination have been accomp�isnea trom ana with appropriate agencies. C. The CWCB and the BORROWER entered into Contract Encumbrance Number C150190, dated June 13, 2005, and amended on October 30, 2006 (" ORIGINAL CONTRACT incorporated herein by reference, wherein the CWCB agreed to loan money in the total amount up to $155,035, and the BoRROwER agreed to repay the loan in accordance with the terms of the ORi�iNa� CoNTr�acT. ❑� E. F. G H During construction of the Project, the BORROWER encountered unforeseen cost overruns resulting from the remote location and high elevation of the reservoir, adverse weather conditions, dewatering, and design changes. These items increased the cost of the PRO�ECT by $417,569. To meet the increased costs, the BoRROwER requested an additional $355,000 including the 1% loan origination fee for a total loan amount of $510,035. At its January 2008 meeting, the CWCB approved increasing this loan by $355,000 for a total loan amount of up to $510,035 to finance up to 90% of the total Pro�ect costs. The terms for the additional loan amount are an interest rate of 2.5% per annum and a repayment period of 30 years. A loan service fee of 1% has been included in the additional Ioan amount in accordance with CWCB Policy No. 16. The BoRROwER has requested an extension in the time the CWCB has allowed for completion of the Project. The CWCB has reviewed the BoRROwER's request and has agreed to amend this contract extend the time for completion of the project for an additional 2 years. The CWCB and the BoRROwER have also agreed to amend this contract to increase the amount of the loan by $355,000 including the 1% loan service fee for a total loan amount of up to $510,035 which may be used to finance up to 90% of the total Project cost. NOW THEREFORE, it is hereby agreed that Page 1 of 6