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<br />-, <br /> <br /> <br /> <br />BORROWER: GLENWOOD IRRIGATION CO. <br />Contract No. C150106 <br />Original Loan Amount $386,000 <br />Adjustment (Decrease): $268.391.75 <br />Adjusted Loan Amount $117,608,25 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number: 04 PDA OOD (a- <br /> <br />LOAN CONTRACT AMENDMENT No. 1 <br /> <br />This Amendment. made this August 1, 2003, by and between the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board ("CWCB"), and The Glenwood Irrigation Company, P. O. Box <br />27. Glenwood Springs. CO 81602, a Colorado nonprofit corporation ("BORROWER" or <br />"CONTRACTOR"). <br /> <br />FACTUAL ReCITALS <br /> <br />A. Authority exists in the law, and funds have been budgeted, appropriated. and <br />otherwise made available for payment in Contract Encumbrance Number C150106. <br />B. Required approval, clearance, and coordination have been accomplished from and <br />with appropriate agencies. <br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number <br />C150106. dated November 2. 2002 ("ORIGINAL CONTRACT"), incorporated herein by <br />reference. wherein the CWCB agreed to loan money in the total amount up to <br />$386.000. and the BORROWER agreed to repay the loan in accordance with the terms <br />of the ORIGINAL CONTRACT. <br />D. The Project was substantially complete as of May 1, 2003. <br />E. Of the $386,000 loan amount available, only $117,608.25 was disbursed to the <br />BORROWER for the PROJECT. <br />F. The parties agree to amend the contract to reflect the actual loan amount of <br />$117,608.25. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />that shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the <br />promises and agreements herein set forth. <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the <br />ORIGINAL CONTRACT, and all terms. conditions. and provisions thereof, unless <br />specifically modified herein. are to apply to this Amendment as though they were <br />expressly rewritten, incorporated. and included herein. <br />3, The BORROWER agrees that it shall execute the follOWing documents, all of which shall <br />set forth the revised loan amount of $117,608.25: <br />a. Promissory Note, attached as Appendix A and incorporated herein, which shall <br />replace and supersede the Promissory Note in the amount of $386,000 dated <br />November 2, 2002, attached to the ORIGINAL CONTRACT as Appendix 2. <br /> <br />Page 1 of 3 <br />