C153656 Paid in Full Contract

• Contract/PO #: C153656
• Contractor Name: Loloff Lateral Ditch Company
• Contract Type: Loan
• County: Weld
• Loan Projects - Doc Type: Contract Documents

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a. Paragraph A.9. Add to Lne end of paragraph A.9 the following:
*I Seek from its shareholders sufficient annual assessments from time to time as necessary, upon
written notice from the STATE, to provide sufficient funds for adequate operation and maintenance,
emergency repair services, obsolescence reserves, and debt rese and to assure repayment of
the project loan to the STATE as provided herein. Should A eh • s fail to set any
assessment, pursuant to the provisions of Section 7-42-104 P. •.,` h C TRACTOR shall
establish adequate assessments for the purpose of reps.::' • this loan. ' ,
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b. Paragraph A.10. Add to the end of paragraph A.10 the foil• , Ag
Approval by the shareholders of the contracting of this additional a n f debt, of its
repayment by the President and Secretary, of the signing of the security inte required by
paragraphs A. 10 and 14,of the levying of assessments in an amount sufficient to repay and assure
payment of the loan, and of the security interest in such assessments, shall be obtained at the next
scheduled meeting of the shareholders. None of the monies covered by this amendment shall be
expended under this Amendment unless and until such approval of the shareholders has been
obtained. Upon its execution, the shareholder approval shall become a part of this Contract and
thereby incorporated herein by this reference as Appendix D.
c. Paragraph A.13. Replace paragraph A.13 with the following new paragraph:
The principal amount of the loan shall be the total amount of funds advanced by the STATE to the
CONTRACTOR under the terms of this Contract, not to exceed the MAXIMUM LOAN AMOUNT Of
$83,500. The interest on the principal shall accrue at the rate of five percent(5%) per annum from
the date on which the STATE determines that the project has been substantially completed. If the
amount borrowed is the MAXIMUM LOAN AMOUNT, payments would be made in forty (40) annual
installments of Four Thousand Eight Hundred Sixty-Six Dollars and Twenty-Three Cents
($4,866.23), which amount includes principal and interest. The first installment shall be due and
payable on the first day of the month, next succeeding the month in which the STATE determines
that the PROJECT has been substantially completed, and yearly thereafter until the entire principal
sum and any accrued interest shall have been paid. Installment payments are to be made payable
to the CWCB at the address given below.
d. Paragraph C.1. Replace paragraph C.1 with the following new paragraph:
Loan to the CONTRACTOR for the construction of the project an amount not to exceed the MAXIMUM
LOAN AMOUNT. • Said amount shall be made available to the CONTRACTOR in accordance with the
following terms and conditions.
e. Paragraph I. Replace paragraph I with the following new paragraph:
Upon Completion of repayment of the STATE of the entire principal and any accrued interest as
specified in the promissory note provisions of the contract, the STATE agrees to execute a release
of deed of trust to convey to the CONTRACTOR all of the STATE'S right, title, and interest in and
to the Project and any other property described in Paragraph A.14.
f. Paragraph L. Replace paragraph L with the following new paragraph:
The Contractor agrees that the specific revenues to be pledged to repay the State shall include,
without being limited to, an assessment levied for that purpose as authorized by Resolution of
the Contractor. The Contractor hereby pledges such assessment revenues to repay the State loan,
warrants that these revenues will not be used for any other purpose, and agrees to provide the
State with a perfected security interest in the form provided by the State irrevocably
pledging such revenues on the date of execution of both the Original Contract and this
Amendment. In addition, the Contractor will, within thirty (30) days prior to the end of the
fourth year that the Original Contract is in effect and every five (5) years thereafter, deliver to
the State a fully and properly executed Continuation Statement (Form UCC-3) of the security
LOLOFF LATERAL DITCH COMPANY Page 2 of 3 CONTRACT AMENDMENT #1
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