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SAMPLE OPTION LETTER <br /> DEPARTMENT OF NATURAL RESOURCES, <br /> COLORADO WATER CONSERVATION BOARD <br /> (TO BE SIGNED,IF APPLICABLE,ONLY UPON SUBSTANTIA L COMPELTION OF PROJECT) <br /> Borrower: Original Option Letter Contract No. CMS No. <br /> Contract:CT No. <br /> 1) OPTION: <br /> a. Decrease contract value(herein referred to as("Total Loan Amount"). <br /> 2) REQUIRED PROVISION.All Option Letters shall contain the appropriate provisions set forth below: <br /> For use with all Options la: <br /> i. The amount of the current Loan Contract Amount is decreased by($amount of change)from <br /> $ to$ in consideration of substantial completion of the Project.The Total <br /> Loan Amount is hereby modified accordingly.The revised Total Loan Amount including all previous <br /> amendments,option letters,etc.is(insert new$amount). <br /> 2. This change does not include a change to the annual payment and interest rate. <br /> 3. This Option Letter and supporting documentation shall become part of and be incorporated into this <br /> Contract for the total duration of this Contract. <br /> 4. This Option Letter shall include the written Notice of Project Substantial Completion. <br /> 3) EFFECTIVE DATE.The effective date of this Option Letter is upon approval of the State Controller or <br /> Delegate. <br /> STATE OF COLORADO <br /> John W.Hickenlooper,Governor <br /> Department of Natural Resources <br /> Colorado Water Conservation Board <br /> By: <br /> Title: <br /> Date: <br /> In accordance with§24-30-202 C.R.S.,this Option is not valid until signed and dated below by the State <br /> Controller or an authorized delegate. <br /> STATE CONTROLLER <br /> Robert Jaros,CPA,MBA,JD <br /> By: <br /> Title: <br /> Date: <br /> Appendix 2 <br /> Page i of i <br />