CT2015-101 Contract Amend 1

• Contract/PO #: CT2015-101
• Contractor Name: Upper Platte and Beaver Canal Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

•
CONTRACT AMENDMENT
Amendment No.1 Originif CMS No. 71731 CORE No. CT2015-101
Amendment CMS Number No.
89912
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 UPPER PLATTE AND BEAVER CANAL
COMPANY, 28601 Hwy. 34, Brush, Colorado 80723, 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 UPPER PLATTE AND BEAVER CANAL COMPANY was approved for a loan from the CWCB, on July 17,
2014, totaling $190,890.00 to finance the Hospital Road Recharge Facility and Bridge Widening
Project(PROJECT). The PROJECT was substantially completed as of April 1, 2016. The Parties agree to
amend the contract to reduce the final loan amount. The total amount disbursed under this contract was
$119,684.76. An adjustment of$71,205.24 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.
5) LIMITS OF EFFECT
This AMENDMENT is incorporated by reference into the ORIGINAL CONTRACT. 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. CT2015-101 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, 2016. The total amount disbursed under this contract was $119,684.76.
A decrease of$71,205.24 will be made to the total loan contract amount 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$119,684.76:
C) AMENDMENT TO THE PROMISSORY NOTE, APPENDIX A, AMENDMENT NO. 1, LOAN CONTRACT No.
CT2015-101, in the amount of$119,684.76 and incorporated herein, which shall replace and
supersede the Original PROMISSORY NOTE dated SEPTEMBER 25, 2014, in the amount of
$190,890.00, attached to the ORIGINAL CONTRACT as APPENDIX 2.
d) AMENDMENT TO THE SECURITY AGREEMENT. APPENDIX B AMENDMENT NO. 1. LOAN CONTRACT
No. C12015-101, in the amount of $119,684.76 and incorporated herein, which shall
supplement and operate in conjunction with the ORIGINAL SECURITY AGREEMENT, dated
SEPTEMBER 25, 2014 in the amount of $190,890.00, attached to the ORIGINAL CONTRACT as
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