C150352 Contract Amendment No 2 - Laserfiche WebLink

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1. PARTIES This Amendment(the"Amendment")to the Original Contract(the"Contract")shown on the Signature and Cover Page for this Amendment is entered into by and between the Borrower("Borrower"or"Authority"),and the State ("CWCB"). 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 In May,2013,the Borrower was approved for a CWCB Loan Contract,for the Larimer and Weld Canal Crossing Structure Project.The Project was substantially completed August 1,2016.The Borrower requested a deferment of its 2017 initial principal payment on three CWCB loans,the Larimer&Weld Canal Crossing Structure(CT2015-071), the East Side Detention Facility(CT2015-070),and the County Road 52 Improvements(CT2015-069). One of the Projects,the East Side Detention Facility Project required the acquisition of several properties including the 62-acre John W.Day Family Partnership(Day Partnership)parcel.The Borrower was awarded immediate possession of the Day Partnership parcel in a 2015 condemnation hearing.As required in the Order for Immediate Possession,the Borrower deposited the appraised value of$586,728 with the Court which was subsequently paid to the Day Partnership.In November 2016,the Borrower and the Day Partnership agreed to mediate the final value of the parcel.In February 2017,it was negotiated that in addition to the amount already paid to the Day Partnership,an additional$500,000 would be paid on April 3,2017 and$588,272,plus interest at 4%,would be paid by December 31,2017.The unanticipated cost created a financial burden on the Borrower. The 2017 payment will be an interest only payment and the principal portion of the loan will be amortized over the remaining 14 of the original 15 year loan.The total loan amount remains$835,104.53; however the annual payment amount will increase from$68,695.01 to$72,674.61.In compliance with CWCB Financial Policy#10,the Borrower will pay the accrued interest payment on the 2017 annual payment date. 5. MODIFICATIONS A. The Borrower agrees that it shall execute this Amendment, which shall set forth the revised terms of repayment,starting with the 2017 interest only payment of$22,965.37 and thereafter principal and interest shall be payable in the annual loan payment over the remaining 14 years of the original 15 year loan or until the loan is paid in full. B. Amendment to Promissory Note, Appendix A-1, in the total loan amount, and incorporated herein shall replace and supersede the Original Promissory Note attached to the Original Contract as Appendix 2 and the Amendment to Promissory Note,Appendix A to Contract Amendment No. 1. C. Amendment to Security Agreement, Appendix B-1, in the total loan amount, and incorporated herein shall supplement and operate in conjunction with the Original Security Agreement, attached to the Original Contract as Appendix 4 and the Amendment to Security Agreement, Appendix B to Contract Amendment No. 1. D. Contract Amendment Condition: Prior to the execution of this Amendment by the CWCB,the Borrower shall submit to the CWCB a letter from its bond counsel stating, as applicable, that it is such counsel's opinion that,upon examination of the constitution and the laws of the State of Colorado(the"State"),the Page 2 of 3 Amendment CMS No. 101136