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CONTRACT AMENDMENT <br /> Amendment No. 1 Original Loan Contract No. CORE No. CT2015-022 <br /> C150362 <br /> Original CMS No. 62215 <br /> Amendment CMS No. 85568 <br /> 1) PARTIES <br /> This Amendment No.1 (AMENDMENT)to the above-referenced ORIGINAL LOAN CONTRACT (hereinafter <br /> called the ORIGINAL CONTRACT) is entered into by and between the Greeley and Loveland <br /> Irrigation Company, 808 23`d Ave., Greeley, Colorado, 80634 (hereinafter called "BORROWER"), <br /> and the STATE OF COLORADO (hereinafter called the "STATE") acting by and through the <br /> Department of Natural Resources, Colorado Water Conservation Board, (hereinafter called <br /> "CWCB"). <br /> 2) EFFECTIVE DATE AND ENFORCEABILITY <br /> This AMENDMENT shall not be effective or enforceable until it is approved and signed by the <br /> Colorado State Controller or designee (hereinafter called the"EFFECTIVE DATE"), but shall be <br /> effective and enforceable thereafter in accordance with its provisions. <br /> 3) FACTUAL RECITALS <br /> The Greeley and Loveland Irrigation Company requested an increase to its existing CWCB LOAN <br /> CONTRACT NUMBER CT2015-022 (C150362) for the Irrigation System Improvements (PROJECT). The <br /> purpose of the Project is to meet the State Engineer's Office Dam Safety Branch requirements. The <br /> requested increase in loan amount is due to additional excavation amounts, additional select fill, and <br /> additional rip-rap necessary to complete the PROJECT. This request increases the existing CWCB <br /> loan amount, by$590,850, from $3,154,230 to $3,745,080. At its November 18, 2015 meeting, a <br /> consent agenda item for this increase, was approved by the CWCB. <br /> 4) CONSIDERATION <br /> Consideration for this AMENDMENT to the ORIGINAL CONTRACT consists of the payments that shall be <br /> made pursuant to this AMENDMENT and ORIGINAL CONTRACT and the promises and agreements herein <br /> set forth. <br /> The Parties acknowledge that the mutual promises and covenants contained herein and other good <br /> and valuable consideration are sufficient and adequate to support this AMENDMENT. <br /> 5) LIMITS OF EFFECT <br /> This AMENDMENT is incorporated by reference into the ORIGINAL CONTRACT, and the ORIGINAL <br /> CONTRACT and all prior amendments thereto, if any, remain in full force and effect except as <br /> specifically modified herein. <br /> 6) MODIFICATIONS. <br /> The ORIGINAL CONTRACT No. CT2015-022 (C150362) and all prior amendments thereto, if any, are <br /> modified as follows: <br /> a) Amend this contract to increase the total loan amount by $590,850, increasing the LOAN <br /> CONTRACT total amount from $3,154,230 to $3,745,080. The terms for the additional loan <br /> amount shall remain at an interest rate of 2.15% per annum and a repayment period of 30 <br /> years. A loan service fee of 1% is included in the additional loan amount, in accordance with <br /> CWCB Policy Number 16. <br /> b) The BORROWER agrees that it shall execute the following documents, all of which shall set forth <br /> the revised loan amount of$3,745,080: <br /> Amendment No. 1 <br /> Page 1 of 4 <br />