C150180 Contract

• Contract/PO #: C150180
• Contractor Name: Pinewood Springs Water District
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

NOW THEREFORE, it is hereby agreed that

1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments
that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT 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 until May 1,2009.

4. The CWCB agrees that it shall loan the BORROWER an additional loan amount of
$750,000 plus the 1 % loan service fee for a loan amount of $2,811,689 (ADDITIONAL
LOAN AMOUNT). The terms for the ADDITIONAL LOAN AMOUNT are an interest rate of
4.0% per annum for a term of 30 years. The BORROWER hereby agrees to repay the
loan in accordance with the terms of the ORIGINAL CONTRACT as herein amended and
the attached Promissory Note.
5. The BORROWER adopted a resolution dated May 28, 2008, attached hereto as
Appendix A, which authorizes the Borrower to borrow the amount of $2,811,689 to
finance the project costs.
6. 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'S 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.
7. The BORROWER agrees that it shall execute the following documents, all of which shall
set forth the loan amount of $2,811 ,689 which includes the 1 % 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 $2,054,189 dated
February 1, 2005, attached to the ORIGINAL CONTRACT 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 February 1, 2005, attached to the ORIGINAL CONTRACT as
Appendix 4.

8. The parties agree that the ORIGINAL CONTRACT, is and shall be modified, altered, and
changed in the following respects:

a. Section 10, Time for Performance, is revised to read as follows: "The Borrower
shall complete the Project no later than May 1,2009."
8. Except for the SPECIAL PROVISIONS, in the event of any conflict, inconsistency, variance,
or contradiction between the provisions of this Amendment and any of the provisions of

Loan Contract C150180 Amendment No.1
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