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. BORROWER: OWL CREEK RESERVOIR COMPANY Contract No. C150089 Agency Name: Water Conservation Board Agency Number PDA Routing Number: 08 PDA p I LOAN CONTRACT AMENDMENT NO. 1 (STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 10, 2003) This Amendment, made this February 18, 2008, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), and the Owl Creek Reservoir Company, P.O. Box 210, Eaton, CO 80615, a Colorado corporation (" BORROWER " or " CONTRACTOR "). FACTUAL RECITALS A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made available for payment in Contract Encumbrance Number C150089. B. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. The CWCB and the BORROWER entered into Contract Encumbrance Number C150089, dated February 1, 2003, (" ORIGINAL CONTRACT incorporated herein by reference, wherein the CWCB agreed to loan money in the total amount up to $1,125,000, and the BoRROwER agreed to repay the loan in accordance with the t2t"t71S Of the ORIGINAL CONTRACT. D. The BoRROwER has requested an extension in the time the CWCB has allowed for completion of the Project due to unforeseen underground construction difficulties, particularly relating to pipe installation. The BORROWER has agreed to pay the interest accrued during construction of the Project on May 1, 2008 and annually thereafter until the Project is substantially completed. E. The CWCB has reviewed the BoRROwER's request and has agreed to amend this contract to extend the time for completion of the project to March 1, 2010 and to require payments for interest accrued during Project construction. NOW THEREFORE, it is hereby agreed that Consideration for this Amendment to the ORi�iNa� CoNTRa,cT consists of the payments that shall be made pursuant to this Amendment and the ORi�iNa� CoNTw4cT and the promises and agreements herein set forth. 1. 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. 2. The CWCB agrees that it shall extend the time for completion of the BoRROwER's Project to March 1, 2010. 3. The Borrower agrees that shall pay the interest accrued during construction of the PRO�ECT on May 1, 2008, and annually thereafter until the PRO�ECT is substantially Page 1 of 5