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CT2015-141 Contract Amend 2
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CT2015-141 Contract Amend 2
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Last modified
12/18/2015 3:53:49 PM
Creation date
2/3/2015 7:42:17 AM
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Loan Projects
Contract/PO #
CT2015-141
C150360
Contractor Name
East Mesa Water Company
Contract Type
Loan
Water District
38
County
Pitkin
Loan Projects - Doc Type
Contract Documents
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i womaimeimmaimaso musimagEmmisommak. <br /> CONTRACT AMENDMENT <br /> Amendment Original Loan Contract C150360 CORE Number: CT2015-141 <br /> No.1 Original CMS No. 62296 <br /> Amendment No. 1 CMS No. 76921 <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 East Mesa Water Company, 1644 <br /> Prince Creek Road, Carbondale, CO 81623, a Colorado nonprofit corporation, ("BORROWER" or <br /> "COMPANY") and the STATE OF COLORADO (hereinafter called the "STATE") acting by and through <br /> the 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 East Mesa Water Company requested an increase to its existing CWCB LOAN CONTRACT <br /> NUMBER CT2015-141 (C150360) for the Ditch Piping Project (PROJECT). The Project will remove the <br /> threat of a tunnel collapse and ensure the delivery of irrigating water to the:Company's ranching <br /> shareholders. Due to complications that developed during discussions to realign the ditch on <br /> adjacent property as originally designed by the Natural Resources Conservation Service (NRCS), <br /> the Company has decided to change the PROJECT from a siphon bypass to a repair of the existing <br /> tunnel. As a result, the bids received are higher than the original estimate. The Company is working <br /> with the NRCS, the contractor and AECOM/URS engineers to optimize Company funds. Based on <br /> an updated cost estimate the Company is requesting a loan increase of$200,000 in order to cover <br /> construction expenses. This request increases the existing CWCB loan amount from $555,500 to <br /> $757,500, which includes the CWCB 1% loan origination fee. At its January 27, 2015 meeting,the <br /> CWCB approved increasing this loan by$202,000. <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. CT2015-141 (C150360) and all prior amendments thereto, if any, are <br /> modified as follows: <br /> a) Amend this contract to increase the total loan amount by $202,000 increasing the LOAN <br /> CONTRACT total amount from $555,500 to $757,500. The terms for the additional loan amount <br /> are an interest rate of 1.75% per annum and a repayment period of 30 years. A loan service <br /> fee of 1% shall be imposed on the additional loan amount In accordance with CWCB Policy <br /> Number 16. _ _ <br /> en <br /> h_M��==�= A mdment No. 1 <br /> Page 1 of 3 <br /> ______ _ _- -J <br />
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