C153748 Paid in Full Loan Compliance Confirmaton

• Contract/PO #: C153748
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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BORROWER: EXCELSIOR IRRIGATING CO. Agency Name: Water Conservation Board
Contract No. C153797 Agency Number PDA
Routing Number: 04 PDA 00041
LOAN CONTRACT AMENDMENT No. 2
This Amendment is made this November 20, 2003, by and between the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
Conservation Board ("CWCB" or "STATE"), and The Excelsior Irrigating Company, a Colorado
corporation ("BORROWER" or "CONTRACTOR").
FACTUAL RECITALS
A. Authority exists in the law, and funds have 'been budgeted, appropriated, and otherwise
made available for payment in Contract Encumbrance Number C153797, GBL E797,
Reporting Category 3797, Fund Number 424, Appropriation Code L97.
B. Required approval, clearance, and coordination have been accomplished from and with
appropriate agencies.
C. The CWCB and the BORROWER entered into Contract Encumbrance Number C153797,
dated February 11, 1991 d,,,,. on December 1, 2000 ("ORIGINAL CONTRACT"),
incorporated herein by r:` - -lif `y, . i the CWCB agreed to loan money in the total
amount up to $251,125,= , d _. t R agreed to repay the loan in accordance with
the terms of the ORIGINAL CONTRACT.
D. C. R. Evans ("E he r► f 'e ares of stock in the Excelsior Irrigating
Company (Excelsi_ I e. le Is :e'; re repayment of two loans made to the
Excelsior Irrigating Company- os. 1 -. • : and C153797), requested that the CWCB
release 785 shares of the 1,875 shares to enable him to sell the shares to the Arkansas
Groundwater Users Association ("AGUA") to use as part of AGUA's augmentation plan.
E. At its September 2003 meeting, the CWCB recognized that based on the current value of
stock, 500 shares would provide adequate security for the two loans and authorized the
release of 1,376 shares of Excelsior stock.
NOW THEREFORE, it is hereby agreed that
1. 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.
2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL
CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified
herein, are to apply to this Amendment as though they were expressly rewritten,
incorporated, and included herein.
3. The CWCB agrees to release 1,376 shares of Excelsior stock.
4. The parties agree that the ORIGINAL CONTRACT, is and shall be modified, altered, and
changed in the following respects only:
a. Paragraph A.12 (Collateral) is amended by the addition of the following;
c. The Borrower has executed Amendment No. 1 to Deed of Trust, attached hereto
as Appendix 1 and incorporated herein, to establish that Certificate No. 9
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