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BORROWER: GRANBY DITCH AND Agency Name: Water Conservation Board <br />RESERVOIR COMPANY Agency Number PDA <br />Contract No. C150266 <br />Originai Loan Amount: $254,520 <br />Adjustment (Decrease): $94,520 <br />Adjusted Loan Amount: $160,000 <br />LOAN CONTRACT AMENDMENT NO. 1 <br />(STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 1 O, 2003) <br />This Amendment, made this May 10, 2010, by and between the State of Colorado <br />for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB"), and the Granby Ditch and Reservoir Company, P.O. Box <br />399, Cedaredge, CO 81413, a Colorado nonprofit corporation (" BORROWER " or <br />"CONTRACTOR'�). <br />FACTUAL RECITALS <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise <br />made available for payment in Contract Encumbrance Number C150266. <br />B. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />C. The CWCB and the BoRROwER entered into Cort#ract Encumbrance Number C150266, <br />dated August 12 2008 ( ORIGINAL CONTRACT � , incorporated herein by reference, <br />wherein the CWCB agreed to loan money in the total amount up to $254,520, and the <br />BoRROwER agreed to repay the loan in accordance with the terms of the ORi�iNA� <br />CONTRACT. <br />D. The project financed with the loan proceeds was substantially complete as of March 1, <br />2010, and of the $254,520 loan amount available, the BORROWER used only <br />$222,293.27. <br />E. On March 1, 2010, the BoRROwER made a principal payment of $62,293.27, reducing <br />the loan amount to $160,000. <br />F. The parties agree to amend the contract to reduce the final loan amount to $160,000. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the ORi�iNa� CoNTt�acT consists of the payments <br />that shall be made pursuant to this Amendment and ORi�iNa� CoNTRacT and the <br />promises and agreements herein set forth. <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the <br />ORIGINAL CONTRACT and all terms, conditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br />3. The BoRROwER agrees that it shall execute the following document, all of which shall <br />Loan Contract C150266 Amendment No. 1 <br />Page 1 of 5 <br />