C153748 Contract

• Contract/PO #: C153748
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Water District: 14
• County: Pueblo
• Loan Projects - Doc Type: Contract Documents

BORROWER: EXCELSIOR IRRIGATING CO
Contract No. C153748
Agency Name: Water Conservation Board
Agency Number PDA
Routing Number: 04 PDA
LOAN CONTRACT AMENDMENT NO. 2
This Amendment is made this November 20, 2003, by and befinreen the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
Conservation Board ("CWCB" or "STATE"), and The Excelsior Irrigating Company, a Colorado
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 C153748, GBL E748,
Reporting Category 3748, Fund Number 424, Appropriation Code SPL.
B. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
C. The CWCB and the BoRROwER entered into Contract Encumbrance Number C153748,
dated April 15, 1997, and amended on March 9, 1998 ("ORIGINAL CONTRACT"), incorporated
herein by reference, wherein the CWCB agreed to loan money in the total amount up to
$100,000, and the BoRROwER agreed to repay the loan in accordance with the terms of
th@ ORIGINAL CONTRACT.
D. C. R. Evans ("Evans"), the owner of the shares of stock in the Excelsior Irrigating
Company (Excelsior) pledged as collaterai to secure repayment of finro loans made to the
Excelsior Irrigating Company (Nos. C153748 and C153797), requested that the CWCB
release 785 shares of the 1,875 shares to enable him to sell the shares to the Arkansas
Groundwater Users Association ("AGUA") to use as part of AGUA's augmentation plan.
E. At its September 2003 meeting, the CWCB recognized that based on the current value of
stock, 500 shares would provide adequate security for the two loans and authorized the
release of 1,376 shares of Excelsior stock.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment fo the ORi~iNA~ CoNTRacT consists of the payments
that shall be made pursuant to this Amendment and ORi~itva~ CoNT~,cT and the promises
and agreements herein set forth.
2. It is expressly agreed by the parties that this Amendment is supplemental to the ORi~~NA~
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 to release 1,376 shares of Excelsior stock.
4. The parties agree that the ORi~itvA~ CorvTRa,cr, is and shall be modified, altered, and
changed in the following respects only:
a. Paragraph A.12 (Collateral) is amended by the addition of the following;
g. The Borrower has executed Amendment No. 1 to Deed of Trust, attached hereto
as Appendix 1 and incorporated herein, to establish that Certificate No.! 9~
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