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CONTRACT AMENDMENT <br /> Amendment#1 Original Loan Contract CORE #CT2015-164 <br /> #C150328A <br /> Original CMS #41879 <br /> Amendment#1 CMS No. #75758 <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 Two Rivers Water & Farming Company <br /> (formally known as Two Rivers Water Company), and Two Rivers Farms F-2, Inc. (formally known as <br /> Two Rivers Farms F-2, LLC), located at 2000 S. Colorado Blvd., Tower 1, Ste 3100, Denver, CO 80222 <br /> (collectively hereinafter known as "BORROWERS") and the State of Colorado (hereinafter called the <br /> "STATE") acting by and through the Department of Natural Resources, Colorado Water Conservation <br /> 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 BORROWERS were approved for a loan in November 2011, from CWCB, totaling $1,184,882.00 to <br /> finance the Orlando Reservoir Rehabilitation Project (PROJECT). The PROJECT was substantially <br /> completed as of March 1, 2013. The Parties agree to amend the ORIGINAL CONTRACT and consent to the <br /> following: <br /> 1) Remove TRWC as a Party to the contract. TRWC was incorrectly identified, by Land Title Guarantee <br /> Title Company as the owner of Parcels 1-5 as described in DEED OF TRUST, APPENDIX 7, of the <br /> ORIGINAL CONTRACT which was recorded with Pueblo County on March 15, 2012, recording <br /> #1901822; and <br /> 2) CWCB will replace the DEED OF TRUST DEED,APPENDIX 7, of the ORIGINAL CONTRACT with DEED OF <br /> TRUST,APPENDIX A TO AMENDMENT No.1 TO LOAN CONTRACT CT2015-164(C150328A).This DEED <br /> OF TRUST shall include Parcels 2-5, as pledged property for the loan, and indentify the owner of <br /> those parcels as Two Rivers Water& Farming Company, per evidence of ownership incorporated <br /> herein by reference. CWCB shall record the DEED OF TRUST, APPENDIX A, Amendment 1, Loan <br /> Contract CT2015-164 (C150328A) with Pueblo County; and <br /> 3) CWCB agrees to the full release of the DEED OF TRUST DEED,APPENDIX 7, of the ORIGINAL <br /> CONTRACT with Pueblo County, in consideration of the principal prepayment of$210,000.00 received <br /> by 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 /> Page 1 of 3 <br />