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OPTION LETTER NO. 1 <br /> State Agency Option Letter No. I <br /> Department of Natural Resources <br /> Colorado Water Conservation Board(CWCB) <br /> 1313 Sherman St,Room 718 <br /> Denver,CO 80203 <br /> Borrower Original Contract Numbers <br /> North Poudre Irrigation Company CMS 105995 <br /> CT 2017-3641 <br /> Current Contract Maximum Amount Option Letter Contract Numbers <br /> $726,213.77 CMS 121276 <br /> CT 2017-3641 <br /> Current Contract Expiration Date <br /> 08/01/2048 <br /> 1. OPTIONS: <br /> A. Option to decrease total contract amount and revise contract expiration date. <br /> 2. REQUIRED PROVISIONS: <br /> A. The amount of the current Loan Contract Amount is decreased by$76,736.23 from$802,950.00 to <br /> $726,213.77 in consideration of substantial completion of the Project.The Total Loan Amount is <br /> hereby modified accordingly. <br /> B. This change does not include a change to the annual payment and interest rate. <br /> C. This Option Letter and supporting documentation shall become part of and be incorporated into this <br /> Contract for the total duration of the Loan Contract. <br /> D. This Option Letter shall include the written Notice of Project Substantial Completion. <br /> E. The Contract Maximum Amount table on the Contract's Signature and Cover Page is hereby deleted <br /> and replaced with the Current Contract Maximum Amount table shown above. <br /> 3. OPTION EFFECTIVE DATE: <br /> A. The effective date of this Option Letter is upon approval of the State Controller or an authorized <br /> delegate. <br /> In accordance with§24-30-202 C.R.S.,this Option is not valid <br /> STATE OF COLORADO until signed and dated below by the State Controller or an <br /> John W.Hickenlooper,Governor authorized delegate. <br /> Department of Natural Resources STATE CONTROLLER <br /> Colo o Water Con • Board Robert Jaros,CPA, A, I / <br /> c 1/ <br /> (Signature) By: <br /> Name: Kirk Russell,P.E.,Section Chief Name: <br /> �� (Signature) <br /> CWCB Financ Section <br /> Date: /6//Z15 •; e Van <br /> Title: <br /> Gleef <br /> Thllectol' <br /> DateCO Department of Natural'legumes p <br /> Option Effective Date: // l ( Oer <br /> Page 1 of I <br />