C150190 Contract

• Contract/PO #: C150190
• Contractor Name: Beaver Reservoir Company
• Contract Type: Loan
• Water District: 59
• County: Gunnison
• Loan Projects - Doc Type: Contract Documents

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1. Consideration for this Amendment to the ORi�iNa� CotvTRacT consists of the payments
that shall be made pursuant to this Amendment and the ORi�iNa� CoNTr�tacT, and the
promises and agreements herein set forth.
2. It is expressly agreed by the parties that this Amendment is supplemental to the
ORIGINAL CONTRACT and all terms, conditions, and provisions thereof, unless
specifically modified herein, are to apply to this Amendment as though they were
expressly rewritten, incorporated, and included herein.
3. The CWCB agrees that it shall extend the time for completion of the BoRROwER's
Project for an additional 2 years.
4. The CWCB agrees that it shall loan the BoRROwER an additional loan amount of
$355,000 including the 1% loan service fee for a loan amount of $510,035 to
finance up to 90% Of PfOJ2Ct COStS (ADDITIONAL LOAN AMOUNT�. Th6 t@�I71S f0� the
ADDITIONAL LOAN AMOUNT af@ afl interest rate of 2.5% per annum for a term of 30
years. The BoRROwER hereby agrees to repay the loan in accordance with the terms
of the ORi�irvA� CoNT�cT as herein amended and the attached Promissory Note.
5. Prior to the execution of this Amendment by the CWCB, the BoRROwER shall submit
to the CWCB a letter from its attorney stating that it is the attorney's opinion that (1)
the person(s) signing for the BoRROwER was duly elected or appointed and has
authority to sign such documents on behalf of the BORROWER and to bind the
BORROWER (2) the BORROWER governing body has validly adopted a resolution
approving this Amendment; (3) there are no provisions in the any state or local law
that prevent this Amendment from binding the BoRROwER; and (4) this Amendment
will be valid and binding against the BoRROwER if entered into by the CWCB.
6. The BoRROwER agrees that it shall execute the following documents, all of which shall
set forth the loan amount of $510,035 which includes the 1% loan service fee:
a. Promissory Note, attached as Appendix A and incorporated herein, which shall
replace and supersede the Promissory Note in the amount of $155,035 dated
October 30, 2006, attached to the ORi�iNa� CoNTw4cT as Appendix 2.
b. Amended Security Agreement attached hereto as Appendix B and incorporated
herein, which shall supplement and operate in conjunction with the Security
Agreement dated October 30, 2006, attached to the ORIGINAL CONTRACT as
Appendix 4.
c. Amended Deed of Trust attached hereto as Appendix C and incorporated herein,
which shall supplement and operate in conjunction with the Deed of Trust dated
October 30, 2006, attached to the ORi�iNa� CoNTRacT as Appendix 5.
7. The parties agree that the ORi�iNa� CoNTr�acT, is and shall be modified, altered, and
changed in the following respects only:
a. Section 4 of the Project Summary, attached to the Original Contract as Appendix
1, is amended by the addition of the paragraph: "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 Project cost. 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% is included in the additional loan
amount In accordance with CWCB Policy No. 16. "
b. Section 11, Time for Performance, is revised to read as follows: PRO�ECT Finish:
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