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BORROWER: CARPENTER AND MITCHELL <br />DITCH COMPANY, INC. <br />Contract No. C150201 <br />Original Loan Amount $607,200 <br />Adjustment (Decrease): $434,867.29 <br />Adjusted Loan Amount $172,332.71 <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 09 PDA C~~: G~ <br />LOAN CONTRACT AMENDMENT NO. 1 <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003) <br />This Amendment, made this February 3, 2009, by and befinreen the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board ("CWCB"~, a11d CARPENTER AND MITCHELL DITCH COMPANY, <br />INC., a Colorado nonprofit corporation ("BORROWER" O~ "CONTRACTOR'~~. <br />FACTUAL RECITALS <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and <br />otherwise made available for payment in Contract Encumbrance Number C150201. <br />B. Required approval, clearance, and coordination have been accomplished from and <br />with appropriate agencies. <br />C. The CWCB and the BoRROwER entered into Contract Encumbrance Number C150X, <br />dated August 18, 2005, ("ORIGINAL CONTRACT"), incorporated herein by reference, <br />wherein the CWCB agreed to loan money in the total amount up to $607,200, and the <br />BoRROwER agreed to repay the loan in accordance with the terms of the ORi~iNa~ <br />CONTRACT. <br />D. The Project was substantially complete as of November 1, 2007, and of the $607,200 <br />loan amount available, the BoRROwER used only $581,892.66. <br />E. On November 1, 2007, the BORROWER made a payment of $415,378.87 in <br />accordance with Section 7 of Appendix 1 Of the ORIGINAL CONTRACT. Said payment <br />was applied to principal reduction, leaving a final loan amount of $172,332.71, <br />including the 9% loan origination fee. <br />F. The parties agree to amend the contract to reduce the final loan amount to <br />$172,332.71. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the ORi~iNa~ CoNTFtacr consists of the payments <br />that shall be made pursuant to this Amendment and ORi~iNA~ CoNTt~acT and the <br />promises and agreements herein set forth. <br />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 <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br />3. The BoRROwER agrees that it shall execute the following documents, all of which shall <br />Page 1 of 5 <br />