CT2015-169 Amendment 1 - Laserfiche WebLink

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1. PARTIES This Amendment (the "Amendment") to the Original Contract shown on the Signature and Cover Page for this Amendment(the"Contract')is entered into by and between the Borrower,and the State. 2. TERMINOLOGY Except as specifically modified by this Amendment, all terms used in this Amendment that are defined in the Contract shall be construed and interpreted in accordance with the Contract. 3. AMENDMENT EFFECTIVE DATE AND TERM A. Amendment Effective Date This Amendment shall not be valid or enforceable until the Amendment Effective Date shown on the Signature and Cover Page for this Amendment. The State shall not be bound by any provision of this Amendment before that Amendment Effective Date. The Parties' respective performances under this Amendment and the changes to the Contract contained herein shall commence on the Amendment Effective Date shown on the Signature and Cover Page for this Amendment. 4. PURPOSE During the Repair of West Reservoir No.l Outlet Works(Project),the Office of the State Engineer(OSE)requested changes to the slope of the excavation to improve safety and reduce the likelihood of the stepped excavation sloughing off into the open cut.As the material was excavated,upwards of 25%of the removed material was found to have unacceptably high organic content,and was replaced in the backfill operations with better material.In addition,upon excavation down to the level of the outlet works pipe,underground spring seepage was discovered, resulting in the new outlet works piping being redesigned and moved eight feet lower than originally planned. These construction changes resulted in the requirement of additional excavation,embankment,and procurement of select fill. At the January 24,2017 board meeting an increase for$64,640.00 approved by CWCB. 5. MODIFICATIONS The Contract and all prior amendments thereto,if any,are modified as follows: A. The original loan contract amount is hereby deleted and replaced with the Current Contract Maximum Amount of$313,018.19,shown on the Signature and Cover Page for this Amendment. B. Amendment to Promissory Note, Appendix A, in the revised loan amount, and incorporated herein shall replace and supersede the Original Promissory Note attached to the Original Loan Contract as Appendix 2. C. Amendment to Security Agreement, Appendix B, in the revised loan amount, and incorporated herein shall supplement and operate in conjunction with the Original Security Agreement, attached to the Original Loan Contract as Appendix 4. D. Amendment to Deed of Trust, Appendix C, in the revised loan amount, and incorporated herein shall supplement and operate in conjunction with the Original Deed of Trust, attached to the Original Loan Contract as Appendix 5.The Amendment to Deed of Trust shall be recorded with the Delta County Clerk and Recorder. E. Appendix D,Option Letter, is attached to this Amendment and Option Letter language shall be an addendum to the Promissory Note Provisions,Paragraph A3,Page 2,of the Original Loan Contract: • If the amount of loan funds disbursed by the CWCB,to the Borrower,differs from the Loan Amount,the parties shall amend this Contract or exercise an Option Letter.A Sample Option Letter is attached,to this Amendment as Appendix D. • An amendment to this Contract shall be executed for the following changes including,but not limited to,an increase in Loan Amount,change in collateral,and decrease in Loan Amount with re-amortization of the Loan. • Upon substantial completion of the Project with a resulting decrease in the total Loan Amount and the Borrower requests a re-amortization of the Loan,the Parties agree to amend this contract. • Upon substantial completion of the Project with a resulting decrease in the total Loan Amount,but not a change in the annual payment,the State may exercise an option and shall provide written notice to the Page 2 of 3 Amendment CMS No.95578