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CONTRACT AMENDMENT Amendment #1 Original Loan Contract Amendment CMS # 55822 CLIN Routing #09 PDA 00021. (FY09) Contract# C150261 1) PARTIES This Amendment No. 1 (AMENDMENT) to the above - referenced ORIGINAL CONTRACT (hereinafter called the ORIGINAL CONTRACT) is entered into by and between PAGOSA AREA WATER & SANITATION DISTRICT, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE, P.O. Drawer 4610, 100 Lyn Avenue, Pagosa Springs, CO 81157, a political subdivision of the State of Colorado and a quasi - municipal corporation ( "DISTRICT "), 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 Pagosa Area Water & Sanitation District was approved for a loan, from the CWCB, totaling $11,217,000 in January 2008 to finance the purchase of land for the future site of the Dry Gulch Reservoir (Reservoir). Over the past three years, the District has struggled with the future of the Dry Gulch Reservoir Project and began reconsidering the need, size and value of a new reservoir in the area. Since the time for performance expired on September 18, 2012, the District decided to close out the loan and begin repayment. This eliminates access to the $1.9 million left in the contract to secure the property necessary to build a reservoir. 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. C150261 and all prior amendments thereto, if any, are modified as follows: a) The Parties Agree to amend the contract to reduce the final loan amount. The PROJECT was substantially complete as of October 1, 2012. The total amount disbursed under this contract was $9,219,363.70. An adjustment of $1,997,636.30 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 $9,219,363.70: f. Amended PROMISSORY NOTE, attached as APPENDIX A and incorporated herein, which shall replace and supersede the PROMISSORY NOTE in the amount of $11,217,000 dated July 21, 2008, attached to the ORIGINAL CONTRACT as Appendix 2. Amendment No. 1 to Loan Contract C150261 Page 1 of 3