C153623 Paid in Full Documents

• Contract/PO #: C153623
• Contractor Name: Sanchez Ditch and Reservoir Company
• Contract Type: Loan
• County: Costilla
• Loan Projects - Doc Type: Contract Documents

CONTRACT AMENDMENT
Amendment No.1 Original Loan Contract Amendment CMS # 60145
CLIN Routing #PDA 93152 (1992)
Contract#C153623
1) PARTIES
This Amendment No.1 (AMENDMENT) to the above-referenced ORIGINAL LOAN CONTRACT (hereinafter
called the ORIGINAL CONTRACT) is entered into by and between the ' h Ditch and Reservoir
Company, Route 1, Box 215, San Acacio, CO 81151, a Colorado n• . • ' o r tion (hereinafter
called "BORROWER" or "COMPANY"), and the STATE OF COLORAD• epi t the "STATE")
acting by and through the Department of Natural Resource o do Wat ation Board,
(hereinafter called "CWCB").
2) EFFECTIVE DATE AND ENFORCEABILITY
This AMENDMENT shall not be effective or enforceable until it is approved and ' b Colorado
State Controller or designee (hereinafter called the "EFFECTIVE DATE"), but shall be e and
enforceable thereafter in accordance with its provisions.
3) FACTUAL RECITALS
WHEREAS, authority exists in the law, and funds have been budgeted, appropriated, and otherwise made
available for payment in Contract Encumbrance Number C153623; and
WHEREAS, CWCB and the BORROWER entered into Contract Encumbrance Number C153623, dated
August 20, 1992, referred to as the "ORIGINAL CONTRACT", incorporated herein by reference, wherein the
CWCB agreed to loan money in the total amount up to $200,000, and the BORROWER agreed to repay
the loan in accordance with the terms of the ORIGINAL CONTRACT; and
WHEREAS, BORROWER submitted a letter dated June 2, 2011, incorporated herein by reference that
describes unexpected financial difficulties and requested that the September 2011 loan payment be
deferred, and
WHEREAS, At its July 2011 Board meeting, the CWCB found that the BORROWER had encountered
significant and unexpected financial difficulties and that it has been duly diligent in its efforts to comply
with the repayment provisions of this contract, and approved the deferral of the BORROWER'S September
2011 loan payment pursuant to § 37-60-120(3), C.R.S.; and
WHEREAS, Pursuant to the Board's approval of an annual loan payment deferral, the September 2011
annual loan payment of $11,485.57 and the interest of $2,146.75 were deferred by CWCB. The unpaid
interest was added to the loan principal changing the new loan principal amount to $73,705.22; and
WHEREAS, At its September 2012 Board meeting, the CWCB approved a contract condition to new
CWCB Loan Contract C150342, requiring the BORROWER to make additional principal payments of
$5,000 annually to this CWCB Loan Contract C153623, increasing the annual loan payment to
$16,485.57.
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. The Parties agree
to replace the Colorado Special Provisions with the most recent version (if such have been updated
since the ORIGINAL CONTRACT and any modification thereto were effective) as part consideration for
this AMENDMENT. If applicable, such Special Provisions are attached hereto and incorporated by
reference herein as APPENDIX A.
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Effective Date: 1/6/09