CT2016-039 Amendment No. 1 - Laserfiche WebLink

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I. PARTIES This Amendment (the "Amendment") to the Original Contract shown on the Signature and Cover Page for this Amendment(the"Contract")is entered into by and between the Borrower,and the State. 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 The Borrower was approved in 2014 for a CWCB Emergency Loan Contract,due to the 2013 flood event,for the Emergency Raw Water Storage Reconstruction Project to restore water supply to the Big Elk Meadows community by rebuilding its five raw water storage dams.An increase of$505,000.00,to the total loan contract amount,was approved by CWCB on March 23,2017. Due to increased construction costs and a delay in receiving FEMA grant funds an increase of$505,000.00 was requested by the Borrower.The total loan amount will increase from$1,515,000.00 to$2,020,000.00. In addition,the loan maturity date will be extended to 3/1/2050,a revision to the condition of the Original Contract is included in this amendment,an additional 3 additional years of no interest and no payment is added to the loan contract,and the Project end date will be revised to 02/26/2020. 5. MODIFICATIONS The Contract and all prior amendments thereto, if any,are modified as follows: A. The original loan contract amount is hereby deleted and replaced with the Current Contract Maximum Amount of$2,020,000.00,shown on the Signature and Cover Page for this Amendment. B. Delete the original Contract Condition in Appendix 1, Section 7, Additional Conditions & Contract Requirements and replace with the following language: "Except for FEMA grant funds, any future grant funds obtained for the purpose of this Project shall be submitted to CWCB to be applied to the balance of the loan within thirty(30)calendar days after receipt of said funds. Non-rescinded FEMA grantfunds shall be applied to the balance of the loan within thirty (30) calendar dais after FEMA Project Closeout, as long as the borrower deposits received FEMA gran funds in a restricted accouniprior to Project Closeout. FEMA grant funds shall only be used for the repayment of rescinded grant funds, Project cost, or to pay down the loan principal." C. Per Board Approval on March 23,2017,the loan maturity date will be thirty-six(36)years from the contract execution date with six years of no interest and no payment followed by an interest rate of 2.75% for the remaining thirty(30)years. D. Amend Appendix I (Project Summary), Section 11 (Time for Performance), of Original Contract,to read six (6)years from the Effective Date of the Original Contract. E. Amendment to Promissory Note, Appendix A, in the revised loan amount, and incorporated herein shall replace and supersede the Original Promissory Note attached to the Original Contract as Appendix 2. F. Amendment to Security Agreement, Appendix B, in the revised loan amount, and incorporated herein shall supplement and operate in conjunction with the Original Security Agreement, attached to the Original Contract as Appendix 4. G. Amendment to Deeds of Trust, Appendices Cl, C-2 and C-3, in the revised loan amount, and incorporated herein shall supplement and operate in conjunction with the Original Deeds of Trust, attached to the Original Page 2 of 3 Amendment CMS No.98613