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CONTRACT AMENDMENT Amendment Original CMS No.27312 Amendment CMS No. 74781 No.1 COFRS No.C150237 CORE No. CT2015-040 1) PARTIES This Amendment No.1 (AMENDMENT) to the above-referenced ORIGINAL LOAN CONTRACT (hereinafter called the ORIGINAL CONTRACT) is entered into by and between the Penrose Water District, acting by and through its Water Activity Enterprise, 340 Grant Street, Penrose, Colorado 81240, (hereinafter called "BORROWER" or"DISTRICT"), and the STATE OF COLORADO (hereinafter called the"STATE") acting by and through the Department of Natural Resources, Colorado Water Conservation Board, (hereinafter called "CWCB"). 2) EFFECTIVE DATE AND ENFORCEABILITY This AMENDMENT shall not be effective or enforceable until it is approved and signed by the Colorado State Controller or designee (hereinafter called the "EFFECTIVE DATE"), but shall be effective and enforceable thereafter in accordance with its provisions. 3) FACTUAL RECITALS The Penrose Water District, requested an increase to its existing CWCB LOAN CONTRACT NUMBER C150237 for the Raw Water Acquisition and Utilization Project (PROJECT). The Project is for the purchase of water rights, construct a raw water pipeline and acquire storage space in Brush Hollow Reservoir. The BORROWER is requesting a loan increase, for increased costs, due to the need to purchase additional water rights, acquire related reservoir storage, prepare additional engineering studies and fund increased construction costs. This request increases the existing CWCB loan amount from $8,844,570 to $9,763,670. At its November 20, 2014 meeting, the CWCB approved increasing this loan by$919,100. 4) CONSIDERATION Consideration for this AMENDMENT to the ORIGINAL CONTRACT consists of the payments that shall be made pursuant to this AMENDMENT and ORIGINAL CONTRACT and the promises and agreements herein set forth. The Parties acknowledge that the mutual promises and covenants contained herein and other good and valuable consideration are sufficient and adequate to support this AMENDMENT. 5) LIMITS OF EFFECT This AMENDMENT is incorporated by reference into the ORIGINAL CONTRACT, and the ORIGINAL CONTRACT and all prior amendments thereto, if any, remain in full force and effect except as specifically modified herein. 6) MODIFICATIONS The ORIGINAL CONTRACT No. C150237 and all prior amendments thereto, if any, are modified as follows: a) Amend this contract to increase the total loan amount by $919,100 increasing the LOAN CONTRACT total amount from $8,844,570 to $9,763,670. The terms for the additional loan amount remain at an interest rate of 3.25% per annum and a repayment period of 30 years. A loan service fee of 1% shall be imposed on the additional loan amount in accordance with CWCB Policy Number 16. b) The BORROWER agrees that it shall execute the following documents, all of which shall set forth the revised loan amount of$9,763,670: Amendment No.1 to Loan Contract C150237 Page 1 of 3