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CONTRACT AMENDMENT Original Amendment#1 CMS#47601 Loan Contract I (to Amendment le CMS Number Contract# C150333 #60151 _..] 1) PARTIES This Amendment No. 1 (AMENDMENT) to the above-referenced ORIGINAL CONTRACT (hereinafter called the ORIGINAL CONTRACT) is entered into by and between the Montezuma Valley Irrigation Company, 11501 Hwy 491, Cortez, Colorado 81321, a Colorado nonprofit corporation (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 Montezuma Valley Irrigation Company was approved for a loan, from the CWCB, totaling $338,603.00 in August 2012 to finance the Lone Pine and May pipeline Improvement Project. The PROJECT was substantially completed as of April 1, 2013. The Parties agree to amend the contract to l reduce the final loan amount. The total amount disbursed under this contract was $252,225.22. An adjustment of$86,377.78 will be made to the contract for the funds no longer needed. 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. q 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. C150333 and all prior amendments thereto, if any, are modified as follows: a) Amend the contract to reduce the final loan amount. The loan contract was substantially completed as of April 1, 2013. The total amount disbursed under this contract was $252,225.00. A decrease of$86,377.78 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$252,225.22: I. PROMISSORY NOTE, attached as APPENDIX A and incorporated herein, which shall replace and supersede the PROMISSORY NOTE in the amount of $338,603.00 dated July 2, 2012, attached to the ORIGINAL CONTRACT as Appendix 2. II. Amended SECURITY AGREEMENT, attached hereto as APPENDIX B and incorporated herein, which shall supplement and operate in conjunction with the SECURITY AGREEMENT dated July 2, 2012, attached to the ORIGINAL CONTRACT as Appendix 4. Amendment No. 1 to Loan Contract C150_3;3 Page 1 of 3