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T 11. The STATE and the CONTRACTOR agree to increase the construction loan amount to $620,596. NOW THEREFORE, it is hereby agreed that 1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments which shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the promises and agreements herein set forth. 2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL CONTRACT which is made a part hereof, and identified as Exhibit C and all terms, conditions, and provisions thereof, unless specifically modified herein, are to apply to this Amendment as though they were expressly rewritten, incorporated, and included herein. 3. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed to read as follows: a. Paragraph A.2: Contract for the construction of said PROJECT to responsible and capable firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be selected through competitive public bidding, said PROJECT to be completed within three and one -half (3 1/2) years of the date of this contract (by January, 1996), in accordance with the PROJECT plans and specifications and any necessary modification thereof approved by the STATE. The STATE must approve, in writing, all contracts before they can become effective. The above specified time may be extended by the STATE if such time is insufficient because of acts or circumstances beyond the control of the CONTRACTOR. b. Paragraph A.11: The CONTRACTOR understands that this contract is also a promissory note for the repayment of funds loaned according to the terms set forth herein. i) Principal amount. The principal amount of the construction loan shall be the total amount of funds advanced by the STATE to the BORROWER under the terms of this contract, not to exceed the MAXIMUM LOAN AMOUNT of $620,596. ii) Interest rate. The interest on the principal shall accrue at the rate of five percent (5 %) per annum on all funds advanced to BORROWER. iii) Duration. The repayment period of this loan shall be twenty -five (25) years. iv) Loan payment. If the amount borrowed is the MAXIMUM LOAN AMOUNT of $620,596 plus the amount for the feasibility contract of $23,640, payments would be in tw my -five (25) annual installments of Forty Five Thousand Seven Hundred Ten Dollars and 1 ($4 13), which amount includes principal and interest. The first installment shall be due ya n e first day of the month, one year after the month that the STATE declares that th CT substantially completed, and yearly thereafter until the entire principal sum and a ed ' s shall have been paid. Installment payments are to be made payable to the CWCB at dr below. v) Interest during construction. The BORROWER shall rep e STATE interest which will be calculated monthly at an equivalent rate of five percent (5 %) per on each loan advance disbursed to the BORROWER during construction. Said accumulated intere' s all be paid to the STATE as a single lump sum on the first day of the month following the month that the STATE declares that the PROJECT has been substantially completed. The actual interest which will accumulate during construction is unknown and cannot be calculated until the conclusion of construction. vi) Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, without penalty. These payments will be applied first to any accrued interest and then to reduce the principal amount. vii) The contractor pledges its full faith and credit in support of this obligation and warrants that it shall lawfully adopt a valid ordinance that recognizes this obligation pursuant to its charter prior to the execution of this contract. Such ordinance is a condition precedent to STATE performance of this contract. Such ordinance shall be irrepealable for the period of repayment of the project contract loan. Such ordinance shall specifically authorize the city to enter into this contract. Such ordinance shall CITY OF GREELEY Page 2 of 3 CONTRACT AMENDMENT #1