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BORROWER: WRCC, INC. Agency Name: Water Conservation Board
<br />Contract No. C150302 Agency Number PDA
<br />Original Loan Amount $1,301,890 Gi.�.�,� �- � 3�^ 1��3
<br />Adjustment (Increase): $50,702
<br />Adjusted Loan Amount $1,352,592
<br />LOAN CONTRACT AMENDMENT NO. 1
<br />(STANDARD CONTRACT - WAIVER #160 - APPROVED NOVEMBER 10, 2003)
<br />This Amendment, made this March 1, 2011, by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado
<br />Water Conservation Board ("CWCB"), and the WRCC, Inc., a Colorado nonprofit
<br />corporation ("BORROWER" 01' "CONTRACTOR").
<br />FACTUAL RECITALS
<br />A. Authority exists in the law, and funds have been budgeted, appropriated, and
<br />otherwise made available for payment in Contract Encumbrance Number C150302.
<br />B. Required approval, clearance, and coordination have been accomplished from and
<br />with appropriate agencies.
<br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number
<br />C150302, dated December 4, 2009 ("ORIGINAL CONTRACT"), incorporated herein by
<br />reference, wherein the CWCB agreed to loan money in the total amount up to
<br />$1,301,890, and the BORROWER agreed to repay the loan in accordance with the
<br />terms of the ORIGINAL CONTRACT.
<br />D. During construction of the Project, the BORROWER encountered unforeseen site
<br />conditions, design modifications, and a need for additional work due to changes not
<br />anticipated in the original project cost estimate. These items increased the cost of
<br />th2 PROJECT. To meet the increased costs, the BoRROwER requested an additional
<br />$50,702 for a total loan amount of $1,352,592.
<br />E. At its January 2011 meeting, the CWCB approved increasing this loan by $50,702 for
<br />a total loan amount of up to $1,352,592 to finance up to 90% of the total Projectcosts.
<br />The terms for the additional loan amount are an,�interest rate of 2.85% per annum
<br />and a repayment period of 30 years. A loan service fee of 1% is included in the
<br />additional loan amount in accordance with CWCB Policy No. 16.
<br />F. The CWCB and the BoRROwER have agreed to amend this contract to increase the
<br />amount of the loan by $50,702 including the 1% loan service fee for a total loan
<br />amount of up to $1,352,592 which may be used to finance up to 90% of the total
<br />Project cost.
<br />NOW THEREFORE, it is hereby agreed that
<br />1. Consideration for this Amendment to the ORi�iNa� CoNTw�cT consists of the payments
<br />that shall be made pursuant to this Amendment and the ORIGINAL 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
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