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CONTRACT AMENDMENT <br /> Amendment#1 Original Loan Contract#C150361 CORE: CT2015-059 <br /> Original CMS #62277 <br /> Amendment CMS Number 76697 <br /> 1) PARTIES <br /> This Amendment No. 1 (AMENDMENT) to the above-referenced ORIGINAL CONTRACT (hereinafter called <br /> the ORIGINAL CONTRACT) is entered into by and between the Lone Cabin Ditch & Reservoir Company, <br /> 42384 Lamborn Mesa Road, Paonia, Colorado, 81428, a Colorado nonprofit corporation, ("BORROWER"), <br /> and the State of Colorado (hereinafter called the "STATE") acting by and through the Department of <br /> Natural Resources, Colorado Water Conservation Board, (hereinafter called "CWCB"). <br /> 2) EFFECTIVE DATE AND ENFORCEABILITY <br /> This AMENDMENT shall not be effective or enforceable until it is approved and signed by the Colorado <br /> State Controller or designee (hereinafter called the "EFFECTIVE DATE"), but shall be effective and <br /> enforceable thereafter in accordance with its provisions. <br /> 3) FACTUAL RECITALS <br /> The Lone Cabin Ditch & Reservoir Company was approved for a loan, from the CWCB, totaling <br /> $252,803.00 on September 25, 2013 to finance the Lone Cabin Dam Rehabilitation Project <br /> ("PROJECT"). The PROJECT was substantially completed as of February 1, 2015. The Parties agree to <br /> amend the contract to reduce the final loan amount. The total amount disbursed under this contract was <br /> $123,447.55. An adjustment of$129,355.45 will be made to the contract for the funds no longer needed. <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. CT2015-059(C150361) and all prior amendments thereto, if any, are <br /> modified as follows: <br /> a) Amend the contract to reduce the final loan amount. The loan contract was substantially <br /> completed as of February 1, 2015. The total amount disbursed under this contract was <br /> $123,447.55. A decrease of $129,355.55 will be made to the total loan contract amount for the <br /> funds no longer needed. <br /> b) The BORROWER agrees that it shall execute the following documents, all of which shall set forth <br /> the revised loan amount of$123,447.55: <br /> C) AMENDMENT TO THE PROMISSORY NOTE, APPENDIX A, AMENDMENT NO. 1 TO LOAN CONTRACT <br /> No.CT2015-059(C150361), in the amount of$123,447.55 and incorporated herein, which shall <br /> replace and supersede the original PROMISSORY NOTE dated APRIL 14, 2014, in the amount of <br /> $252,803.00, attached to the ORIGINAL CONTRACT as APPENDIX 2. <br /> d) AMENDMENT TO THE SECURITY AGREEMENT, Appendix B AMENDMENT NO. 1 TO LOAN CONTRACT <br /> No. CT2015-059 (C150361), in the amount of $123,447.55 and incorporated herein, which <br /> shall supplement and operate in conjunction with the SECURITY AGREEMENT, in the amount of <br /> Page 1 of 3 <br /> 1 <br />