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<br /> BORROWER: EXCELSIOR IRRIGATING Co. Agency Name: Water Conservation Board
<br /> Contract No. C153748 Agency Number PDA
<br /> Routing Number: 04 PDA O01(.1-()
<br /> LOAN CONTRACT AMENDMENT NO. 2
<br /> This Amendment is made this November 20, 2003, by and between the State of
<br /> Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
<br /> Conservation Board ("CWCB" or "STATE"), and The Excelsior Irrigating Company, a Colorado
<br /> corporation ("BORROWER" or"CONTRACTOR").
<br /> FACTUAL RECITALS
<br /> A. Authority exists in the law, and funds have 'been budgeted, appropriated, and otherwise
<br /> made available for payment in Contract Encumbrance Number C153748, GBL E748,
<br /> Reporting Category 3748, Fund Number 424, Appropriation Code SPL.
<br /> B. Required approval, clearance, and coordination have been accomplished from and with
<br /> appropriate agencies.
<br /> C. The CWCB and the BORROWER entered into Contract Encumbrance Number C153748,
<br /> dated April 15, 1997, and amended on March 9, 1998 ("ORIGINAL CONTRACT"), incorporated
<br /> herein by reference, wherein the CWCB agreed to loan money in the total amount up to
<br /> $100,000, and the BORROWER agreed to repay the loan in a ordance with the terms of
<br /> the ORIGINAL CONTRACT.
<br /> D. C. R. Evans ("Evans"), the owner of the o n the Excelsior Irrigating
<br /> Company (Excelsior) pledged as collateral to s ur r ayment ,•f --''s loans made to the
<br /> Excelsior Irrigating Company (Nos. C153748 d C1537 , r:`,we'` •:;;that the CWCB
<br /> release 785 shares of the 1,875 shares to enabl- hi f, II 4:- -s to the Arkansas
<br /> Groundwater Users Association ("AGUA") - pa‘,, • A s augmentation plan.
<br /> E. At its September 2003 meeting, the CWCB'` c,g i es that based on the current value of
<br /> stock, 500 shares would provide adequate security for the two loans and authorized the
<br /> release of 1,376 shares of Excelsior stock.
<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 ORIGINAL CONTRACT and the promises
<br /> and agreements herein set forth.
<br /> 2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL
<br /> CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified
<br /> herein, are to apply to this Amendment as though they were expressly rewritten,
<br /> incorporated, and included herein.
<br /> 3. The CWCB agrees to release 1,376 shares of Excelsior stock.
<br /> 4. The parties agree that the ORIGINAL CONTRACT, is and shall be modified, altered, and
<br /> changed in the following respects only:
<br /> a. Paragraph A.12 (Collateral) is amended by the addition of the following;
<br /> g. The Borrower has executed Amendment No. 1 to Deed of Trust, attached hereto
<br /> k as Appendix 1 and incorporated herein, to establish that Certificate No. 9
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