C150240 contract docs

• Contract/PO #: C150240
• Contractor Name: Bull Creek Reservoir, Canal & Power Company
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

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that shall be made pursuant to this Amendment and the ORi�iNa� CoNTw�cT, and the
promises and agreements herein set forth.
2. It is expressly agreed by the parties that this Amendment is supplemental to the
ORIGINAL 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 that it shall loan the BoRROwER an additional loan amount of
$1,441,800 plus the 1% loan service fee for a loan amount of $1,456,218 to finance
up t0 90% Of PrOjeCt costs (ADDITIONAL LOAN AMOUNT). Th2 t2t'fY1S f01' the ADDITIONAL
LoaN AnnouNT are an interest rate of 2.5% per annum for a term of 30 years. The
BORROWER hereby agrees to repay the loan in accordance with the terms of the
ORi�irvA� CorvTRacr as herein amended and the attached Promissory Note, and to
add the Borrower's water rights as additional collateral for the loan.
4. The BoRROwER has adopted a resolution, irrepealable for the term of this loan,
authorizing the BORROWER t0 enter into this contract amendment to borrow the
ADDITIONAL LOAN AMOUNT, to establish and collect assessments sufficient to pay the
annual loan payments, to pledge said assessments for repayment of the loan, and to
execute documents necessary to convey a security interest in said assessments and
collateral to the CWCB. Said resolution is attached as Appendix A.
5. Prior to the execution of this Amendment by the CWCB, the BoRROwER shall submit
to the CWCB a letter from its attorney stating that it is the attorney's opinion that (1)
the person(s) signing for the BoRROwER was duly elected or appointed and has
authority to sign such documents on behalf of the BORROWER and to bind the
BORROWER; (2) the BORROWER's governing body has validly adopted a resolution
approving this Amendment; (3) there are no provisions in the any state or local law
that prevent this Amendment from tiinding the BoRROwER; and (4) this Amendment
will be valid and binding against the BoRROwER if entered into by the CWCB.
6. The BoRROwER agrees that it shall execute the following documents, all of which shall
set forth the loan amount of $1,456,218 which includes the 1% loan service fee:
a. Promissory Note, attached as Appendix B and incorporated herein, which shall
replace and supersede the Promissory Note in the amount of $1,212,000 dated
June 18, 2007, attached to the ORi�irva� CoNTtzacr as Appendix 2.
b. Amended Security Agreement, attached hereto as Appendix C and incorporated
herein, which shall supplement and operate in conjunction with the Security
Agreement dated June 18, 2007, attached to the ORi�iNa� CorvTRacr as Appendix
4.
c. Deed of Trust, attached hereto as Appendix D and incorporated herein, which
shall add the Borrower's water rights as collateral for the loan.
7. The CWCB agrees that it shall extend the time for completion of the BoRROwER's
Project for an additional2 years.
8. The parties agree that the ORi�irva� CotvTRacT, is and shall be modified, altered, and
changed in the following respects only:
a. Appendix 1, Section 6, Collateral, is revised to add the following: Further collateral
for this loan shall be the Borrower's water rights, as more particularly described in
the Deed of Trust attached to Loan Contract Amendment No. 1 as Appendix D.
b. Appendix 1, Section 11, Time for Performance, is revised to read as follows:
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