C150323 Contract

• Contract/PO #: C150323
• Contractor Name: Jackson Ditch Company, The
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

CONTRACT AMENDMENT
Amendment #1
Original Loan Contract
CMS #41864
Contract# C150323
Amendment CMS #56882
1) PARTIES
This Amendment No. 1 (AMENDMENT) to the above - referenced ORIGINAL CONTRACT (hereinafter called
the ORIGINAL CONTRACT) is entered into by and between The Jackson Ditch Company, P.O. Box
2017, Fort Collins, CO 80522, a Colorado nonprofit corporation (Borrower), 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
A loan contract totaling $124,533, to The Jackson Ditch Company, was approved by the CWCB in
March 2012 to finance the construction of the System Rehabilitation Project located in Jefferson and
Adams Counties. The PROJECT was substantially completed as of July 1, 2012. The total amount
disbursed under this contract was $112,958.24. The Parties Agree to amend the contract to reduce the
final loan amount. An adjustment of $11,574.76 will be made to the contract for the funds no longer
needed.
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. C150323 and all prior amendments thereto, if any, are modified as
follows:
a) Amend the contract to reduce the final loan amount. The loan contract was substantially
completed as of July 1, 2012. Total amount disbursed under this contract was $112,958.24. A
decrease of $11,574.76 will be made to the contract for the funds no longer needed.
b) The BORROWER agrees that it shall execute the following documents, all of which shall set forth
the revised loan amount of $112,958.24:
I. PROMISSORY NOTE, attached as APPENDIX A and incorporated herein, which shall replace
and supersede the PROMISSORY NOTE in the amount of $124,533 dated February 9, 2012,
attached to the ORIGINAL CONTRACT as Appendix 2.
II. Amended SECURITY AGREEMENT, attached hereto as APPENDIX B and incorporated herein,
which shall supplement and operate in conjunction with the SECURITY AGREEMENT dated
February 9, 2012, attached to the ORIGINAL CONTRACT as Appendix 4.
Amendment No. 1 to Loan Contract C150323
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