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I. AMENDMENT TO THE PROMISSORY NOTE, APPENDIX A, AMENDMENT NO. 1, LOAN CONTRACT
<br /> No. CT2016-042, in the amount of $204,298 and incorporated herein, which shall replace
<br /> and supersede the original PROMISSORY NOTE dated April 23, 2012, in the amount of
<br /> $116,625, and attached to the ORIGINAL CONTRACT(C150322) as APPENDIX 2.
<br /> II. AMENDMENT TO THE SECURITY AGREEMENT, Appendix B AMENDMENT No. 1, LOAN
<br /> CONTRACT No. CT2016-042, in the amount of $204,298 and incorporated herein, which
<br /> shall supplement and operate in conjunction with the SECURITY AGREEMENT, dated April 23,
<br /> 2012, in the amount of $116,625, and attached to the ORIGINAL CONTRACT (C150322) as
<br /> APPENDIX 4.
<br /> III. AMENDMENT TO DEED OF TRUST, APPENDIX C, AMENDMENT No. 1, LOAN CONTRACT No.
<br /> CT2016-042, in the amount of $204,298 and incorporated herein, which shall supplement
<br /> and operate in conjunction with the DEED OF TRUST, dated April 23, 2012, in the amount of
<br /> $116,625, and attached to the ORIGINAL CONTRACT (C150322) as APPENDIX 5. The
<br /> AMENDMENT TO DEED OF TRUST shall be recorded with the Larimer County Clerk and
<br /> Recorder.
<br /> IV. OPTION LETTER
<br /> The following Option Letter language shall be an addendum to the Promissory Note
<br /> Provisions, Paragraph A3, Page 2, of the Loan Contract
<br /> a. If the amount of loan funds disbursed by the CWCB, to the Borrower, differs from the LOAN
<br /> AMOUNT, the parties shall amend this CONTRACT or exercise an OPTION LETTER. A SAMPLE
<br /> OPTION LETTER is attached, to this AMENDMENT as APPENDIX D.
<br /> b. An amendment to this CONTRACT shall be executed for the following changes including,
<br /> but not limited to, an increase in LOAN AMOUNT, change in collateral, and decrease in
<br /> LOAN AMOUNT with re-amortization of the Loan.
<br /> c. Upon substantial completion of the PROJECT with a resulting decrease in the total LOAN
<br /> AMOUNT and the Borrower requests a re-amortization of the Loan, the PARTIES agree to
<br /> amend this contract.
<br /> d. Upon substantial completion of the PROJECT with a resulting decrease in the total LOAN
<br /> AMOUNT, but not a change in the annual payment, the STATE may exercise an option and
<br /> shall provide written notice to the BORROWER in form substantially equivalent to APPENDIX
<br /> D. If exercised, the provisions of the OPTION LETTER and supporting documentation shall
<br /> become part of and be incorporated into this CONTRACT for the total duration of this
<br /> CONTRACT.
<br /> V. The BORROWER has adopted a resolution, irrepealable for the term of this loan, authorizing
<br /> the BORROWER to enter into this contract amendment to borrow the ADDITIONAL LOAN
<br /> AMOUNT, to establish and collect assessments sufficient to pay the annual loan payments,
<br /> to pledge said assessments for repayment of the loan, and to execute documents !
<br /> necessary to convey a security interest in said assessments and collateral, if necessary, to
<br /> the CWCB. Said resolution is attached as APPENDIX E.
<br /> VI. Prior to the execution of this Amendment by the CWCB, the BORROWER shall submit to
<br /> the CWCB a letter from its attorney stating that it is the attorney's opinion that (1) the
<br /> person(s) signing for the BORROWER was duly elected or appointed and has authority to `1
<br /> sign such documents on behalf of the BORROWER and to bind the BORROWER; (2) the r'
<br /> BORROWER'S governing body has validly adopted a resolution approving this Amendment;
<br /> Amendment No. 1
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