C153748 Contract

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

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G. The staff has reviewed an appraisal provided by AGUA, prepared by Blatchley Associates
of Denver and dated January 16, 1998, entitled "Estimated Fair Market Value of 1,007
Shares of Stock in the Excelsior Ditch Company." Based on the staff's review of the
appraisal, the staff and the Executive Director have determined that the remaining 1,876
Excelsior shares constitute adequate collateral for both loans to the CoNrwacTOR.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment to the ORi~iNa~ CotvTRa,cr consists of the payments
which shall be made pursuant to this Amendment and ORIGINAL CoN~acT and the
promises and agreements herein set forth.
2. It is expressly agreed by the parties that this Amendment is supplemental to the OR«iNa~
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. It is agreed the ORi~ttva~ CorvTRacr 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:
d. The STATE agrees to execute and deliver to the Pueblo County Public Trustee a
Request for Partial Release of Deed of Trust and Partial Release in the form
attached hereto as Attachment A and incorporated herein, to release its security
interest in 1,007 Excelsior shares, represented by Certificate No. 5, within five
working days of the effective date of this Amendment.
e. The STATE has executed a Partial Release of Security Agreement, attached hereto
as Attachment B and incorporated herein, releasing its security interest in 1,007
Excelsior shares, represented by Certificate No. 5, and shall file a UCC-3 form with
the Secretary of State releasing said security interest within five working days of the
effective date of this Amendment.
f. The STATE has executed a Stock Assignment, attached hereto as Attachment C and
incorporated herein, assigning Certificate No. 5 to the CorvTRacTOR to enable the
transfer of the 1,007 Excelsior shares represented by said certificate to AGUA.
b. Paragraph D.7 of the Special Provisions is amended by the addition of the
following paragraph:
e. Pursuant to CRS 24-30-202.4 (as amended), the state controller may withhold
debts owed to state agencies under the vendor offset intercept system for: (a)
unpaid child support debt or child support arrearages; (b) unpaid balance of tax,
accrued interest; or other charges specified in Article 22, Title 39, CRS; (c)
unpaid loans due to the student loan division of the department of higher
education; (d) owed amounts required to be paid to the unemployment
compensation fund; and (e) other unpaid debts owing to the state or any
agency thereof, the amount of which is found to be owing as a result of final
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