C153629 PIF Contract - Laserfiche WebLink

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1 Amen4ent as though they were expressly rewritten, incorporated, and included, herein.. 3. The pa ies expressly agree that the due dates of all future payments shall be July 1 of every year, and the tots amount borrowed, upon which the annual payments are based, is $16,255,724.12. 4. It is ag Bed the ORIGINAL CONTRACT is and shall be modified, altered, and changed in the following respect only: a. PaFagraph B.16 shall be replaced by the following paragraph: 16 Repayto the STATE the principal amount of $16,255,724.12 with interest thereon at the rate of 5°/ per annum, said repayment to be made in 25 annual installments with the first of such in ailments having been paid on July 1, 1996 and July 1, 1997, and all subsequent installments shall be due and payable annually thereafter on July 1 of every year. Said annual installment pa ments shall be made payable to the Colorado Water Conservation Board at the offices of said B rd in Denver, Colorado. b. Pariaraoh B.17 shall be amended to read as follows: a. Pledge of property. To evidence its ability to provide for the payment of the principal and the intE rest of the loan made to the Contractor pursuant to this contract, pledge revenues due and pal able from the Rock Creek Reservoir Lease Agreement dated March 3, 1987 (attached hereto as HNhibit C and incorporated herein), as amended by the Agreement Amending Lease agreement eff ctive July 21, 1992 (attached hereto as Exhibit D and incorporated herein), the letter agreement datBd July 19, 1993, incorporated herein by reference, and the supplemental agreement dated December 12. 1995, incorporated herein by referen all of hi h are hereinafter referred to as the Denver Lease, in the amount of the first $1, Vton ed annually under the Denver Lease ( "pledged revenues ") and the Contractor' Denver Lease to receive said re nues pursuant to a Resolution by the Contr ectors of an irrevocable pledge of evenue (attached hereto as Exhibit E ein) and a Resolution of the CO TRACTOR'S Board of Directors attached s and incorporated herein. This contract between the State and the Contractor i co rights of the Contractor unde r the Denver Lease being assignable to the State if t tractor defaults. The Contractor may not arr end the lease agreement without the written �the e of the State. If the Contractor defaults on its loan repayment obligation to the State or iorm ance of any covenant or agreement co tained herein, the Contractor hereby assigns its rights to the first $1,153,383.57 of revenues re jived annually under the Denver Lease to the State. Said assignment of contract -rights is evi enced by the executed Conditional Assignment of Contract Proceeds attached hereto as A chment 2 and incorporated herein. b. Pledged revenues to be kept separate. The CONTRACTOR hereby pledges said revenues to rer ay the STATE loan, agrees that the pledged revenues shall be set aside and kept in an account separate from other CONTRACTOR revenues, and warrants that the pledged revenues shall not be used for any other purpose. c. Security interest in the pledged property. The CONTRACTOR agrees that, in order to provide a E ecurity interest for the STATE in the pledged revenues so that the STATE shall have prildritysover all other competing claims for such revenues, it shall execute a Security Agreement, attached as A achment 3 and incorporated herein. Furthermore, the CONTRACTOR acknowledges that the ST OJE shall perfect its security interest in the CONTRACTOR'S rights to receive the pledged revenues un Jer the Denver Lease by filing a UCC -1 Form with the Colorado Secretary of State. d. Establishment of and conveyance of security interest in reserve account. The Contractor ha 5 established a reserve account in the amount of $1,500,000 and has conveyed a security Page 2 of 3