C153639L PIF

• Contract/PO #: C153639L
• Contractor Name: The New Cache La Poudre Irrigation Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

AGENCY NAME: WATER CONSERVATION BOARD
AGENCY NUMBER: PDA
ROUTING NUMBER: ?C�-. 000 Li v
CONTRACT AMENDMENT No. 1
THIS AMENDMENT, made this 1st day of April 1999, by and between the State of Colorado for
the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board
(CWCB), hereinafter referred to as the STATE, and THE NEW CACHE LA POUDRE IRRIGATION COMPANY,
hereinafter referred to as the CONTRACTOR.
FACTUAL RECITALS
A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made
available and a sufficient unencumbered balance thereof remains available for payment in Fund
Number 424, Appropriation Code 445 , Contract Encumbrance Number C153639L; and
B. Required approval, clearance, and coordination has been accomplished from and with appropriate
agencies; and
C. The STATE and the CONTRACTOR entered into a contract dated July 29, 1993, Contract
Encumbrance Number C153639L, hereinafter referred to as ORIGINAL CONTRACT, incorporated
herein by reference, wherein the STATE agreed to loan money in the total amount of $700,000
($690,422.50 for construction of the project and $9,577.50 for a feasibility report), and the
CONTRACTOR agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT; and
D. The Contractor borrowed only$450,000 out of the $700,000 authorization.
E. The project was substantially complete as of May 1, 1995, and the Contractor has been making
timely payments since June 1, 1995.
F. The parties agree to amend the contract to reflect the actual loan amount and the annual payment
due date.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments which shall
be made pursuant to this Amendment and ORIGINAL CONTRACT and the promises and agreements
herein set forth.
2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL
CONTRACT, and all terms, conditions, and provisions thereof, unless , pifi'�ally,-m�dif�ed herein,
apply to this Amendment as though they were expressly rewritten, incor t0%n inr ud d herein.
3. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, n'tI tharigtidfie following
respects only:
a. Paragraph A.13 is replaced by a separate Promissory Not aged? 1.4Aahient and
incorporated herein. ..<A.- t 4 ; u
b. Paragraph J is replaced with the following:
Upon complete repayment of the principal and interest to the State, the State agrees to convey
to the Contractor all of the State's right, title, and interest in and to the project and any other
property held as security for the repayment of the loan.
c. Paragraph N. The Uniform Commercial Code Security Agreement and Financing Statement,
attached to the Original Contract as Exhibits G and H, are replaced by the Amended Security
Agreement, attached hereto as Attachment B and incorporated herein. The parties
acknowledge that the State shall file a UCC Financing Statement with the Secretary of State to
perfect its security interest in the revenues pledged.