CT2016-039 Amendment No. 1

• Contract/PO #: CT2016-039
• Contractor Name: Bil Elk Meadows Association
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

Contract as Appendices 5a,5b and Sc.The Amendments to Deeds of Trust shall be recorded with the Larimer
County Clerk and Recorder and the Boulder County Clerk and Recorder.
H. Appendix D,Option Letter, is attached to this Amendment and Option Letter language shall be an addendum
to the Promissory Note Provisions,Paragraph A3,Page 2,of the LOAN CONTRACT:
• If the amount of loan funds disbursed by the CWCB,to the BORROWER,differs from the LOAN AMOUNT,the
parties shall amend this CONTRACT or exercise an OPTION LETTER.A SAMPLE OPTION LEI i hR is attached,
to this AMENDMENT as APPENDIX D.
• An amendment to this CONTRACT shall be executed for the following changes including,but not limited to,
an increase in LOAN AMOUNT,change in collateral,and decrease in LOAN AMOUNT with re-amortization of
the Loan.
• Upon substantial completion of the PROJECT with a resulting decrease in the total LOAN AMOUNT and the
BORROWER requests a re-amortization of the Loan,the PARTIES agree to amend this contract.
• Upon substantial completion of the PROJECT with a resulting decrease in the total LOAN AMOUNT,but not a
change in the annual payment,the STATE may exercise an option and shall provide written notice to the
BORROWER in form substantially equivalent to APPENDIX D.If exercised,the provisions of the OPTION
LETTER and supporting documentation shall become part of and be incorporated into this CONTRACT for the
total duration of this CONTRACT.
6. RESOLUTION
The Borrower has adopted a Board of Director's Resolution(Required)and a Shareholder's Resolution(If not
required,must be stated in Borrower's bylaws and evidence of this must be sent to CWCB),irrepealable for the
term of this loan,authorizing the Borrower to enter into this contract amendment to borrow the additional loan
amount,to establish and collect assessments sufficient to pay the annual loan payments,to pledge said assessments
for repayment of the loan,and to execute documents necessary to convey a security interest in said assessments and
collateral,if necessary,to the CWCB,and attached as Appendix E.
7. ATTORNEY OPINION LETTER
Prior to the execution of this Amendment by the CWCB,the BORROWER shall submit to the CWCB a letter from its
attorney stating that it is the attorney's opinion that(1)the person(s)signing for the BORROWER was duly elected or
appointed and has authority to sign such documents on behalf of the BORROWER and to bind the BORROWER;(2)the
BORROWER'S governing body has validly adopted a resolution approving this Amendment; (3)there are no
provisions in the any state or local law that prevent this Amendment from binding the BORROWER;and(4)this
Amendment will be valid and binding against the BORROWER if entered into by the CWCB.
8. LIMITS OF EFFECT AND ORDER OF PRECEDENCE
This Amendment is incorporated by reference into the Contract,and the Contract and all prior amendments or other
modifications to the Contract, if any, remain in full force and effect except as specifically modified in this
Amendment. Except for the Special Provisions contained in the Contract,in the event of any conflict, inconsistency,
variance, or contradiction between the provisions of this Amendment and any of the provisions of the Contract or
any prior modification to the Contract,the provisions of this Amendment shall in all respects supersede,govern,and
control. The provisions of this Amendment shall only supersede, govern, and control over the Special Provisions
contained in the Contract to the extent that this Amendment specifically modifies those Special Provisions.
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