CT2016-1597 Amend 1

• Contract/PO #: CT2016-1597
• Contractor Name: Oligarchy Irrigating Company
• Contract Type: Loan
• County: Boulder
• Loan Projects - Doc Type: Contract Documents

CONTRACT AMENDMENT
Amendment No.1 Original CMS No. 82003 CORE No. CT—2016-1597
Amendment No. 1 CMS No. 90661
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 Oligarchy Irrigation Company,
157 Baylor Way, Longmont, Colorado, 80503, (hereinafter called"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 Oligarchy Irrigation Company requested an increase to its existing CWCB LOAN CONTRACT NO.
CT2o16-1597, for the Dam Outlet Works Rehabilitation (PROJECT). The Project is to rehabilitate the
Oligarchy Reservoir No. 1 Dam Outlet Works. The requested increase in loan amount is due to the
Dam Safety Branch of the State Engineer's Office (SEO) identifying additional items, during final
design, to be added to the project.At its May 18, 2016 meeting,the CWCB approved increasing this loan
by$120,190.00 ($119,000.00 for project costs and$1,190 for the 1%loan origination fee).This request
increases the existing CWCB loan amount from $781,740.00 to$901,930.00 (including the i%
origination fee).
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. CT2016-1597 and all prior amendments thereto, if any, are modified as
follows:
a) Amend this contract to increase the total loan amount by $120,190.00 increasing the LOAN
CONTRACT total amount from $781,740.00 to $901,930.00. The terms for the additional loan
amount are to remain the same, an interest rate of 2.40% per annum and a repayment period of
3o years. A loan origination fee of i% is included in the additional loan amount, in accordance
with CWCB Policy Number 16.
b) The BORROWER agrees that it shall execute the following documents,all of which shall set forth
the revised loan amount of$901,930.00:
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