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CTGG12016-712 Contract Amend 1
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CTGG12016-712 Contract Amend 1
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Last modified
11/30/2016 12:29:02 PM
Creation date
11/30/2016 12:28:52 PM
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Loan Projects
Contract/PO #
CTGG12016-712
C150408
Contractor Name
San Juan Water Conservancy District
Contract Type
Grant
Loan Projects - Doc Type
Contract Documents
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5.4.3. If the PAWSD elects to sell Running Iron Ranch and abandon <br /> the Project, the CWCB shall be entitled to: <br /> 5.4.3.1. the principal of Loan B, the appraised value of <br /> Running Iron Ranch under this Agreement ($4,565,000) less any <br /> principal payments up to the date of the sale;plus <br /> 5.4.3.2. the total reduced interest which accrued when this <br /> debt was restructured described in Paragraph 5.3.3.2 ($2,774,638.16); <br /> plus <br /> 5.4.3.3. the $1,000,000 Grant;plus <br /> 5.4.3.4. interest charges on the Grant funds calculated at a <br /> rate of 3.5% annually amortized for twenty (20) years plus the <br /> Extended Planning Period for Loan B. <br /> 5.4.4. Actual payment to the CWCB to satisfy the amount the CWCB <br /> is entitled to as described in Paragraph 5.4.3 herein shall be based on the actual <br /> sale price of the Running Iron Ranch, as further described below: <br /> 5.4.4.1. If the sale price of Running Iron Ranch is less than <br /> the remaining principal amount of Loan B ($4,565,000 less principal <br /> payments), the PAWSD shall pay to the CWCB all monies received <br /> from the Running Iron Ranch sale. The PAWSD shall also <br /> immediately pay to the CWCB the difference between the sale price <br /> and the principal due on Loan B. <br /> 5.4.4.2. If the sale price of the Running Iron Ranch is equal <br /> to the principal amount of Loan B ($4,565,000 less principal <br /> payments), the PAWSD shall pay to the CWCB all monies received <br /> from the Running Iron Ranch sale. <br /> 5.4.4.3. If the sale price is between the principl amount of <br /> Loan B ($4,565,000 less principal payments) and the amount derived <br /> from the explanation of Paragraph 5.4.3, then the PAWSD shall pay to <br /> the CWCB all monies received from the sale of the gunning Iron <br /> Ranch to cover all amounts described in Paragraphs 5.4.3.1 through <br /> 5.4.3.4 above, inclusive. <br /> 5.4.4.4. If the sale price of the Running Iron Ranch is <br /> greater than the total amount described in Paragraphs 5,4.3.1 through <br /> 5.4.3.4 above inclusive, then the PAWSD shall pay to the CWCB this <br /> total amount. In addition, any amount in excess of the amount owed to <br /> the CWCB shall be split between the CWCB and PAWSD as follows: <br /> 50% to the CWCB and 50% to the PAWSD. <br /> Page 10 of 14 <br />
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