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LOAN CONTRACT AMENDMENT <br /> Amendment No.2 Original Loan Contract No. C15o261 CWCB CORE No. CT2o16-1696 <br /> CLIN Routing No. 09 PDA 00021 <br /> Amend No. 1 CMS 55822 <br /> Amend No. 2 CMS 83049 <br /> 1) PARTIES <br /> The Colorado Water Conservation Board Original Loan Contract No. Cr5o261 and Amendment No. 1 to <br /> Loan Contract No. C15o261 (combined, hereinafter called "ORIGINAL CONTRACT") shall be amended with <br /> this Amendment No. 2 (hereinafter called "AMENDMENT") and is entered into by and between PAGOSA <br /> AREA WATER&SANITATION DISTRICT,ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE, 100 <br /> Lyn Avenue, Pagosa Springs, CO 81157, a political subdivision of the State of Colorado and a quasi- <br /> municipal corporation (hereinafter called "PAWSD"), and the STATE OF COLORADO (hereinafter <br /> called the "STATE") acting by and through the Department of Natural Resources, Colorado Water <br /> 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 ORIGINAL CONTRACT is for the Dry Gulch Reservoir Land Acquisition ("PROJECT"). The Parties have <br /> agreed to restructure the loan and amend the ORIGINAL CONTRACT.The revised terms and conditions <br /> will maintain the viability of the PROJECT. Maintaining the existing storage water right is imperative to <br /> the community's water needs.The restructure of the ORIGINAL CONTRACT allows the PROJECT to move <br /> forward, provides debt relief to PAWSD, protects CWCB's financial commitment to the PROJECT, <br /> supports PAWSD's conservation efforts allowing it to accomplish its mission to ratepayers, and <br /> supports the San Juan Water Conservancy District (hereinafter call "SJWCD") to provide for future <br /> water needs within its jurisdiction. <br /> CWCB and Attorney General's Office have negotiated the restructure of the loan and revised the terms <br /> and conditions in the executed agreement entitled:AGREEMENT TO RESTRUCTURE COLORADO WATER <br /> CONSERVATION BOARD DRY GULCH RESERVOIR LOAN CONTRACT NUMBER C15o261,and the <br /> AMENDMENT TO AGREEMENT TO RESTRUCTURE COLORADO WATER CONSERVATION BOARD DRY GULCH <br /> RESERVOIR LOAN CONTRACT NUMBER C150261, (combined, hereinafter called"RESTRUCTURE <br /> AGREEMENT") and attached hereto as APPENDIXA-2.The ORIGINAL CONTRACT is referred to as Loan A <br /> in the RESTRUCTURE AGREEMENT. <br /> 4) CONSIDERATION <br /> Consideration for this AMENDMENT to the ORIGINAL CONTRACT consists of the payments that shall be made <br /> pursuant to this AMENDMENT and ORIGINAL CONTRACT and the promises and agreements herein set forth. <br /> The Parties acknowledge that the mutual promises and covenants contained herein and other good and <br /> 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, and the ORIGINAL <br /> CONTRACT and all prior amendments thereto, if any, remain in full force and effect except as specifically <br /> modified herein. <br /> Page 1013 <br />