C150185 Contract

• Contract/PO #: C150185
• Contractor Name: Mancos Valley Beaver Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

2. It is expressly agreed by the parties that this Amendment is suppiemental to the
ORIGINAL CONTRACT and all terms, conditions, and provisions thereof, unless
specifically modified herein, are to apply to this Amendment as though #hey were
expressly rewritten, incorporated, and included herein.
3. The CWCB agrees that it shall loan the BoRROwErt an additional loan amount of
$496,668 including the 1°~ loan service fee for a loan amount of $913,798 to finanoe
up to 100°~ of Project costs (Aoorriow~ Loaw AMOUNr). The terms for the Ao~mowu.
LoAtv AnrtoutvT are an 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~iNA~ CoNTRacT as herein amended and the attached Promissory Note.
4. The BoRROw~R has adopted a resolution, irrepealabte for the term of this loan,
authorizing the BORROWER t0 enter into this contract amendment to borrow the
ADDITIONAL LOAN AMOUNT, to establish and collect assessments sufficient to pay the
annual loan payments, to pledge said assessments for repayment of the loan, and to
execute documents necessary to convey a security interest in said assessments and
collateral, if necessary, to the CWCB. Said resolution is attached as Appendix A.
5. Prior to the execution of this Amendment by the CWCB, the BoRROwER shall submit
to the CWCB a letter from its attomey stating that it is the attomey's opinion that (1)
the person(s) signing for the BoRROwER was duty elected or appointed and has
authority to sign such documents on t~half of the BORROWER and to bind the
BORRUWER; {2) th@ BORROWER's goveming body has validly adopted a resotution
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 $913,798 which includes the '~ °~ loan service fee:
a. Promissory Note, attached as Appendix B and incorporated herein, which shall
replace and supersede the Promissory Note in the amount of $417,130 dated
August 15, 2005, attached to the ORi~tNa~ Corvr~cT as Appendix 2.
b. Amended Security Agreement, attached hereto as Appendix C and incorporated
herein, which shall supplement and operate in conjunction with the Security
Agreement dated August 15, 2005, attached to the ORIGINAL Co~cT as
Appendix 4.
c. Amended Deed of Trust, attached hereto as Appendix D and incorporated
herein, which shall supptement and operate in conjunction with the Deed of Trust
dated August 15, 2005, attached to the ORi~inu~ CoNrw~cT as Appendix 5.
7. The parties agree that no disbursement of loan proceeds to the BoRROwER shall
occur until the following conditions have been met:
a. The BoRROwER and the United States Department of Agriculture execute a
Conservation Program contract for $354,971.
b. The BoRROwER's Funding Agreement shall include a"step-upn provision.
8. Within ten working days Of BORROWER`s receipt of the funding referred to in
paragraph 7(a) above, the BoRROwER shal! apply the USDA funds to the outstanding
loan balance. Upon substantial completion of the project, the Loan Contract shall be
amended to the reduced loan amount, not to exceed $235,236.
Loan Contract C150185 Amendment No.1
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