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~ w <br />ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless specifically <br />modified herein, are to apply to this Amendment as though they were expressly rewritten, <br />incorporated, and included herein. <br />3. The STATE agrees that it shall loan the BORROWER an additional $6,300,000 at <br />an interest rate of 5.00% per annum for a term of 10 years for financing PROJECT costs, in <br />addition to the original loan amount of $10,000,000 at an interest rate of 4.75% per annum <br />for a term of 10 years, resulting in an AUTHORIZED LOAN AMOUNT under this contract of <br />$16,300,000 at an interest rate of 4.85% per annum for a term of 10 years, to be used to <br />finance up to 75% of PROJECT COStS. <br />4. The CONTRACTOR'S Board of Directors has adopted resolutions, irrepealable for <br />the term of this loan, authorizing the CONTRACTOR to enter into this contract amendment to <br />borrow the additional $6,300,000 and to make and levy assessments sufficient to pay the <br />annual loan payments. Said resolutions are attached hereto as Attachment 1 and <br />incorporated herein. <br />5. Prior to the execution of this Amendment by the STATE, the CONTRACTOR shall <br />submit to the STATE a letter from its attor ing that it is the attorney's opinion that (1) <br />the person signing for the CONTR a elected or appointed and has authority to <br />sign such documents on behalf of RACT nd t0 bind the CONTRACTOR; (2) the <br />CONTRACTOR'S board of directors ha ted resolutions approving this <br />Amendment; (3) there are no pro ' ~ s I AcroR's articles of incorporation or by- <br />laws or any state or local law t t e his Amendment from binding the CONTRACTOR; <br />and (4) this Amendment will be and binding against the CONTRACTOR if entered into by <br />the STATE. <br />6. The CONTRACTOR agrees that it shall execute the following documents, al! of <br />which shall set forth the revised loan amount: a Promissory Note, attached as Attachment 2 <br />and incorporated herein, which shall supersede and replace Appendix B to the ORIGINAL <br />CONTRACT, which Promissory Note is hereby cancelled and shall be returned to CONTRACTOR; <br />an Amended Deed of Trust, attached hereto as Attachment 3 and incorporated herein, which <br />shall supplement and operate in conjunction with Appendix D to the ORIGINAL CONTRACT; and <br />an Amended Security Agreement, attached as Attachment 4 and incorporated herein, which <br />shall supplement and operate in conjunction with Appendix F to the ORIGINAL CONTRACT. The <br />CONTRACTOR also agrees that, upon substantial completion of the PROJECT, it shall execute the <br />Assignment of Deposit Account as Security attached as Attachment 5 and incorporated <br />herein, which shall supersede and replace Appendix G to the ORIGINAL CONTRACT. <br />7. The parties agree that the ORIGINAL CONTRACT is and shall be modified, altered, <br />and changed in the following respects only: <br />a. The first and second lines of Paragraph C.6 shall be amended to read as <br />follows: "Project costs eligible for financing by the State shall be limited to <br />seventy-five percent (75%) of the cost of, .." <br />b. The second line of Paragraph A.9 of the ORIGINAL CONTRACT shall be <br />amended to read as follows: "and evidencing this loan in the amount of up <br />to $16,300,000 at an interest rate of 4.85% per annum ..." <br />c. The second line of Paragraph A.9.a of the ORIGINAL CONTRACT shall be <br />amended to read as follows: "BORROWER during construction, interest shall <br />accrue at the rate of 4.75% on the first $10,000,000 disbursed to the <br />BORROWER and at the rate of 5.00% on the remaining $6,300,000 <br />The Consolidated Mutual Water Company Page 2 of 3 Contract Amendment No. 1 <br />