C150368 Contract

• Contract/PO #: CT2015-024
• Contract/PO #: C150368
• Contractor Name: North Poudre Irrigation Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

CONTRACT AMENDMENT
Amendment Original Loan Contract No. C150368 CORE No. CT2015-024
No.1 Original CMS No. 62154
Amendment CMS No. 83650
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 North Poudre Irrigation
Company, 3729 Cleveland Ave., Wellington, Colorado 80549, (hereinafter called "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 North Poudre Irrigation Company requested an increase to its existing CWCB LOAN CONTRACT
NUMBER CT2015-024 for the Emergency Fossil Creek Reservoir Inlet Diversion Structure Repair
(PROJECT). The Project is to repair the Fossil Creek Reservoir Inlet Diversion Structure which was
damaged during the flood of September 2013. The requested increase in loan amount is due to the
final design and bids received in August 2015, before survey data, geotechnical evaluation and
specifications could be prepared due to damages from the flood. This request increases the existing
CWCB loan amount from $481,770 to $876,680. At its September 2015 meeting, the CWCB
approved increasing this loan by $394,910. A loan service fee of 1% is included in the total loan
amount.
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. CT2015-024 and all prior amendments thereto, if any, are modified as
follows:
a) Amend this contract to increase the total loan amount by $394,910 increasing the LOAN
CONTRACT total amount from $481,770 to $876,680.
b) The terms for the additional loan amount are a repayment period of 32 years. No payments and
zero interest for five (5) years followed by twenty seven (27) years of amortized payments at the
interest rate of 2.35%. A loan service fee of 1% is included in the additional loan amount, in
accordance with CWCB Policy Number 16.
c) Replace language in Section 7, Additional Conditions & Contract Requirements, Appendix 1,
Page 2, to read:
Amendment No. 1
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