C150342 Contract

• Contract/PO #: CT2015-012
• Contract/PO #: C150342
• Contractor Name: Sanchez Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 24
• County: Costilla
• Loan Projects - Doc Type: Contract Documents

CONTRACT AMENDMENT
Amendment No.1 Original Loan Contract C150342 Amendment 1-CMS No. 71714
CMS No. 53629 CORE: CT2015-012
CORE: CT2015-012
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 the Sanchez Ditch and Reservoir
Company, 320 E. 2ND North Street, Sanford, CO 81151, a Colorado nonprofit corporation (hereinafter
called "BORROWER" or "COMPANY"), 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
SANCHEZ DITCH AND RESERVOIR COMPANY submitted, in writing to CWCB, a request for an increase to
the loan contract total amount of its existing CWCB LOAN CONTRACT NUMBER C150342 for the
Sanchez Reservoir Outlet Rehabilitation Project (PROJECT). The purpose of the PROJECT is to make
safety and operational improvements to the outlet works at the Sanchez Reservoir. The requested
increase in loan contract total amount is due to the result of the BORROWER'S PROJECT bids coming in
significantly higher than anticipated. Raising assessments for the Shareholders will cause a hardship
since this PROJECT is located in one of the lowest income communities in Colorado. This request
increases the existing CWCB loan contract total amount from $1,128,776 to $1,381,276. At its July 17,
2014 meeting, the CWCB approved a loan contract increase of $250,000 for project costs and $2,500
for the 1% service loan fee with a total loan increase of$252,500. The term of the loan will change from
thirty (30) years to forty (40) years and the interest rate will change from 1.75%to 2.0% per annum.
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. C150342 and all prior amendments thereto, if any, are modified as
follows:
a. Amend this contract to increase the loan contract total amount by $252,500 increasing the loan
contract total amount from $1,128,776 to $1,381,276. The term of the loan will change from
thirty (30) years to forty (40) years and the interest rate will change from 1.75% to 2.0% per
annum.
b. The BORROWER agrees that it shall execute the following documents, all of which shall set forth
the revised loan contract total amount of$1,381,276:
Page 1 of 3