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BORROWER: HEADGATE 135 LATERAL, <br />INC. <br />Contract No. C150270 <br />Original Loan Amount: $262,600 <br />Adjustment (Decrease): $170,538.01 <br />Adjusted Loan Amount: $92,061.99 <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />LOAN CONTRACT AMENDMENT NO. 1 <br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 1 O, 2003) <br />This Amendment, made this December 1, 2009, by and befinreen the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board ("CWCB"), and the Headgate 135 Lateral, Inc., 3042 Belford Ct., <br />Grand Junction, CO 81504, 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 C150270. <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 Contract Encumbrance Number C150270, <br />dated September 15, 2008 (" ORIGINAL CONTRACT incorporated herein by reference, <br />wherein the CWCB agreed to loan money in the total amount up to $262,600, 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 October <br />1, 2009, and of the $262,600 loan amount available, the BORROWER used only <br />$192, 932.86. <br />E. On October 1, 2009, the BoRROwER made a payment of $100,870.87. Said payment <br />was applied to principal reduction, leaving a final loan amount of $92,061.99. <br />F. The parties agree to amend the contract to reduce the final loan amount to $92,061.99. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the OR��irvA� CotvTwacr consists of the payments <br />that shall be made pursuant to this Amendment aCld ORIGINAL CONTRACT atld thG <br />promises and agreements herein set forth. <br />2. tt 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 C150270 Amendment No. 1 <br />Page 1 of 5 <br />