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411. el <br /> NOW THEREFORE, it is hereby agreed that <br /> 1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br /> that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, and the <br /> promises and agreements herein set forth. <br /> 2. It is expressly agreed by the parties that this Amendment is supplemental to the <br /> ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless <br /> specifically modified herein, are to apply to this Amendment as though they were <br /> expressly rewritten, incorporated, and included herein. <br /> 3. The CONTRACTOR'S Shareholders and Board of Directors has adopted resolutions, <br /> irrepealable for the term of this loan, authorizing the CONTRACTOR to enter into this <br /> contract amendment to borrow the additional $21,125 and to make and levy <br /> assessments sufficient to pay the annual loan payments. Said resolutions are <br /> attached hereto as Attachment 1. <br /> 4. Prior to the execution of this Amendment by the STATE, the CONTRACTOR shall submit <br /> to the STATE a letter from its attorney stating that it is the attorney's opinion that (1) <br /> the person signing for the CONTRACTOR was duly elected or appointed and has <br /> authority to sign such documents on behalf of the CONTRACTOR and to bind the <br /> CONTRACTOR; (2) the CONTRACTOR'S board of directors has validly adopted <br /> resolutions approving this Amendment; (3) there are no provisions in the <br /> CONTRACTOR'S articles of incorporation or by-laws or any state or local law that <br /> prevent this Amendment from binding the CONTRACTOR; and (4) this Amendment will <br /> be valid and binding against the CONTRACTOR if entered into by the STATE. <br /> 5. The CONTRACTOR agrees that it shall execute the following documents, all of which <br /> shall set forth the revised loan amount: a Promissory Note, attached as Attachment 2 <br /> and incorporated herein, which shall supersede and replace Appendix 2 to the <br /> ORIGINAL CONTRACT; an Amended Deed of Trust and Amended Security Agreement for <br /> the 1,876 shares of stock of the Excelsior Irrigating Company, attached hereto as <br /> Attachment 3 and Attachment 4, respectively, incorporated herein, which shall <br /> supplement and operate in conjunction with Appendix 4 and Appendix 5 to the <br /> ORIGINAL CONT-:` * ' i ded Deed of Trust for the diversion structure, attached <br /> hereto as Atta%,+ - _ c shall supplement and operate in conjunction with <br /> Appendi*7 to t.:':.,S;�y. Ci N ACT, and an Amended Security Agreement, attached <br /> as Attachment 6 and incorporated herein, which shall supplement and operate in <br /> conjuncts" ":: h p• -: • GINAL CONTRACT. The CONTRACTOR also agrees <br /> that, upo s •' nti • pl •ti • h- PROJECT, it shall execute the Assignment of <br /> Deposit •u a -o' as Attachment 7 and incorporated herein, <br /> which shall supersede and replace Appendix 9 to the ORIGINAL CONTRACT. <br /> 6. The parties agree that the ORIGINAL CONTRACT is and shall be modified, altered, and <br /> changed in the following respects only: <br /> a. The second line of Paragraph A.9 of the ORIGINAL CONTRACT shall be amended to <br /> read as follows: "and evidencing this loan in the amount of up to $251,125 at an <br /> interest rate of 3.771% per annum ..." <br /> b. The first sentence of Paragraph A.9.b of the ORIGINAL CONTRACT shall be amended <br /> to read as follows: "As the loan funds are disbursed by the State to the BORROWER <br /> during construction, interest shall accrue at the rate of 3.75% on the first $230,000 <br /> The Excelsior Irrigating Company Page 2 of 3 Contract Amendment No. 1 <br />