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CONTRACT AMENDMENT
<br /> Amendment No.1 Original CMS No. 83640 CORE No. CT2016-1987
<br /> Amendment CMS Number No.
<br /> 89751
<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 FORT LYON CANAL COMPANY, 750 Bent
<br /> Ave, Las Animas, Colorado 81054, a mutual ditch and nonprofit corporation (BORROWER), and the
<br /> State of Colorado (hereinafter called the "STATE") acting by and through the Department of Natural
<br /> 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 FORT LYON CANAL COMPANY was approved for a loan, from the CWCB, totaling $1,629,130.00
<br /> on September 17, 2015 to finance the Replacement of the Horse Creek Flume (PROJECT). The
<br /> PROJECT was substantially completed as of April 1, 2016. The Parties agree to amend the contract to
<br /> reduce the final loan amount. The total amount disbursed under this contract was $1,542,296.10.
<br /> An adjustment of$86,833.90 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. The ORIGINAL CONTRACT
<br /> and all prior amendments thereto, if any, remain in full force and effect except as specifically modified
<br /> herein.
<br /> 6) MODIFICATIONS.
<br /> The ORIGINAL CONTRACT No. CT2016-1987 and all prior amendments thereto, if any, are modified as
<br /> follows:
<br /> a) Amend the contract to reduce the final loan amount. The loan contract was substantially
<br /> completed as of April 1, 2016. The total amount disbursed under this contract was
<br /> $1,542,296.10. A decrease of $86,833.90 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$1,542,296.10:
<br /> C) AMENDMENT TO THE PROMISSORY NOTE, APPENDIX A, AMENDMENT NO. 1, LOAN CONTRACT No.
<br /> CT2016-1987, in the amount of $1,542,296.10 and incorporated herein, which shall replace
<br /> and supersede the Original PROMISSORY NOTE dated OCTOBER 14, 2015, in the amount of
<br /> $1,629,130.00, attached to the ORIGINAL CONTRACT as APPENDIX 3.
<br /> d) AMENDMENT TO THE SECURITY AGREEMENT, APPENDIX B AMENDMENT NO. 1, LOAN CONTRACT
<br /> No. CT2016-1987, in the amount of $1,542,296.10 and incorporated herein, which shall
<br /> supplement and operate in conjunction with the ORIGINAL SECURITY AGREEMENT, dated
<br /> OCTOBER 14, 2015, in the amount of $1,629,130.00, attached to the ORIGINAL CONTRACT as
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