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ID <br /> S <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 <br /> Page 1 of 3 <br /> 1 <br />