CT2015-012 Option Letter

• Contract/PO #: CT2015-012
• Contractor Name: Sanchez Ditch and Reservoir Comapny
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

APPENDIX A-1,AMENDMENT NO.2 TO LOAN CONTRACT CTzoi5-o12
AMENDMENT TO PROMISSORY NOTE
Date: May 1,2018
Borrower: Sanchez Ditch and Reservoir Company
Total Loan Amount: $1,502,476.00
Interest Rate: 2.00%
Term of Repayment: 4o years
Loan Contract No.: CT2015-ou(C150342)
Loan Payment: $30,049.52,interest only annual payment for the first five years of
repayment, followed by 35 annual payments of interest and
principal,at the annual payment amount of$60,102.36
Payment Initiation Date: September 1,2018 (To be filled in at Substantial Completion of Project)
Maturity Date: September 1,2058(To be filled in at Substantial Completion of Project)
For Value Received, the BORROWER promises to pay the Colorado Water Conservation Board
("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN
CONTRACT and this promissory note.
1. This Amendment to Promissory Note shall replace and supersede the Original Promissory
Note attached to the Original Contract and the Amendment to Promissory Note attached to
Contract Amendment No.1,both incorporated by reference.
2. Principal and interest shall be payable in equal loan payments, with the first annual, interest
only payment due and payable one year from Payment Initiation Date, and annually thereafter
for the first five years. Annual payments after the first five years will include interest and
principal. All principal, interest, and late charges, if any, then remaining unpaid shall be due
and payable on or before the Maturity Date.
3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street
Room 718,Denver,Colorado 80203.
4. The CWCB may impose a late charge in the amount of 5%of the annual payment if the CWCB
does not receive the annual payment within 15 calendar days of the due date.
5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any
partial prepayment shall not postpone the due date of any subsequent payments or change the
amount of such payments.
6. All payments received shall be applied first to late charges, if any, next to accrued interest and•
then to reduce the principal amount.
7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER.
The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt
payment of all amounts that may become due hereunder. Said security interests are evidenced
Appendix A-i
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