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CONTRACT AMENDMENT
<br /> Amendment#1 Original Loan Contract#C150304 CORE #2015-032
<br /> CMS #13190
<br /> Amendment#1 CMS #71696
<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 Lower Latham Reservoir Company, 300
<br /> East 16th Street, Suite 309, Greeley, CO 80631, a Colorado nonprofit corporation (BORROWER), and the
<br /> 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 Lower Latham Reservoir Company was approved for a loan, from the CWCB, totaling $3,811,573
<br /> in January 2010 to finance the Well Augmentation Project (PROJECT). The PROJECT was substantially
<br /> completed as of June 1, 2014. The Parties agree to amend the contract to reduce the final loan amount.
<br /> The total amount disbursed under this contract was$2,417,359.17. An adjustment of$1,356,475.83 will
<br /> 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. CT2015-032 and all prior amendments thereto, if any, are modified as
<br /> follows:
<br /> a) Amend the contract to reduce the loan amount. The project was substantially completed as of
<br /> June 1, 2014. The total amount disbursed under this contract was $2,417,359.17. A decrease
<br /> of$1,356,475.83 will be made to the contract amount for the 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$2,417,359.17:
<br /> I. AMENDED PROMISSORY NOTE, attached as APPENDIX A, AMENDMENT No.1 TO LOAN
<br /> CONTRACT No. C150304, in the amount of $2,417,359.17, and incorporated herein, which
<br /> shall replace and supersede the original PROMISSORY NOTE dated March 1, 2010, in the
<br /> amount of$3,811,573 attached to the ORIGINAL CONTRACT as Appendix 2.
<br /> II. AMENDED SECURITY AGREEMENT, attached hereto as APPENDIX B, AMENDMENT No.1 TO
<br /> LOAN CONTRACT No. C160304, in the amount of $2,417,359.17, and incorporated herein,
<br /> which shall supplement and operate in conjunction with the original SECURITY AGREEMENT
<br /> dated March 1, 2010, attached to the ORIGINAL CONTRACT as Appendix 4.
<br /> Amendment No. 1 to Loan Contract C150304
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