C150327 Contract

• Contract/PO #: C150327
• Contractor Name: Big Elk Meadows Association
• Contract Type: Loan
• Water District: 4
• County: Boulder
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

CONTRACT AMENDMENT
Amendment#1 Original Contract CMS # 41008 Amendment CMS # 65126
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, Big Elk Meadows Association, 29
Willow Drive, Lyons, Colorado, 80540, 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
The Big Elk Meadows Association was approved for a loan from CWCB, on November 15, 2011, for
the construction of the Raw Water System Improvements Project. The BORROWER requested an
annual loan payment deferment, of principal and interest for this loan contract, for three years to help
offset the BORROWER'S financial burden related to the September 2013 flood event.
4) CONSIDERATION-COLORADO SPECIAL PROVISIONS
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. C150327 and all prior amendments thereto, if any, are modified as
follows:
a. Amend the contract to defer principal and interest for three years. The payment amount is
$16,741.47 annually with a total of$50,224.41 for the three year deferment. During the three year
deferment, interest will be adjusted from 4.5% to 0%. After the deferral period the interest rate will
revert to 4.5%. The repayment period will be extended three years for a loan maturity date of
February 1, 2046 with the first annual payment due on February 1, 2017.
b. Amend the contract to clarify the legal description of the COLLATERAL. COLLATERAL for this loan,
as described in the recorded ORIGINAL DEED OF TRUST, is "An undivided one-hundred percent
interest in the E % of the N 1/2 of the N '/2 of Section 2, T3N, R72W of the 6th Principal Meridian,
located in Boulder County, Colorado, containing 40 acres of land." As described, the legal
description covers two quarter-quarter sections (NE 1/4 of the NE %a and NW 1/4 of the NE 1/1) totaling
80 acres. The Deed of Trust will be amended to clarify the legal description to precisely describe
the 40 acres that is the collateral. The amended Deed of Trust collateral statement will read:
An undivided one-hundred percent interest in the NE % of the NE '/a of Section 2, T3N, R72W of
the 6th Principal Meridian, located in Boulder County, Colorado, containing 40 acres of land.
This legal description correctly identifies the 40 acres as shown in the 2011 Feasibility Study maps.
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Effective Date: 1/6/09