C150268 Contract

• Contract/PO #: C150268
• Contractor Name: Louden Irrigating Canal and Reservoir Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

CONTRACT AMENDMENT
Amendment #1
Original Loan Contract
Amendment CMS #54753
CLIN Routing #09 PDA 00109
(FY09)
Contract# C150268
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 Louden Irrigating Canal and Reservoir
Company, Inc., 4009 E. County Road 30, Fort Collins, Colorado 80528, 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 Louden Irrigating Canal and Reservoir Company was approved for a loan, from the CWCB,
totaling $263,610 in April 2009 to finance the Rist- Benson Reservoir dam repair. The PROJECT was
substantially completed as of April 1, 2012. The Parties Agree to amend the contract to reduce the final
loan amount. The total amount disbursed under this contract was $189,842.76. An adjustment of
$73,767.24 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. C150268 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 April 1, 2012. The total amount disbursed under this contract was $189,842.76.
A decrease of $73,767.24 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 $189,842.76:
I. PROMISSORY NOTE, attached as APPENDIX A and incorporated herein, which shall replace
and supersede the PROMISSORY NOTE in the amount of $263,210 dated April 1, 2009,
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
April 1, 2009, attached to the ORIGINAL CONTRACT as Appendix 4.
Amendment No. 1 to Loan Contract C150268
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