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<br />.' <br /> <br />$1,134,500 and a subsequent grant in the amount of $619,500, resuiting in a final loan <br />amount of $515,000. However, an audit of the loan revealed that the Contractor used only <br />$1,133,304.70 of the loan funds. Paragraph L of the Original Contract provides that in the <br />event the project is less than $1,134,500, the grant portion and the loan portion shall both be <br />adjusted downward proportionately. Based upon the $1,195.30 in loan funds not used by the <br />Contractor, the loan amount is reduced by $542.60 to a final loan amount of $514,457.40. <br /> <br />9. In 1986, the Board approved a deferral of the CONTRACTOR'S annual payment due to <br />construction cost overruns and time delays. The Board granted the deferral with no interest <br />charge and extended the loan repayment period by one year. <br /> <br />10. In 1993, the Board approved a deferral of the annual payment due to a storage restriction <br />placed on the Rio Grande Reservoir by the State Engineer's Office due to seepage from the <br />left abutment, and the resulting unexpected $77,000 repair to the reservoir. The Board <br />granted the deferral with not interest charge and extended the loan repayment period by one <br />year. <br /> <br />11. The parties agree to amend the ORIGINAL CONTRACT to (1) establish the actual final loan <br />amount, (2) acknowledge the 1986 and 1993 deferrals, and (3) defer the 2000 annual <br />payment. <br /> <br />NOW THEREFORE, the parties hereby agree that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments which <br />shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the promises and <br />agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL <br />CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified <br />herein, are to apply to this Amendment as though they were expressiy rewritten, incorporated, <br />and included herein._____ n _ _ __ __._____m_ _ _ _ _ _.____u u_ <br /> <br />3. It is agreed the ORIGINAL CONTRACT is and shall be modified in the following respects only: <br /> <br />a. Paragraph A.12 is replaced by the Promissory Note, attached hereto as Appendix 1 and <br />incorporated herein, in the amount of $451,894.79 which is the loan amount as of August <br />1, 2001, and reflects the decrease of $542.60 to the initial loan amount and the addition of <br />the accrued interest in the amount of $21,519.74 for the deferral of the August 2000 loan <br />payment. <br /> <br />b. Paragraph K is replaced by the following: <br /> <br />Upon complete repayment of the loan and all accrued interest, the CWCB agrees to <br />convey to the Contractor all of the CWCB's right, title and interest in and to the property <br />conveyed to the CWCS by the Contractor under Warranty Deed dated October 5, 1988, <br />by deed or other proper conveyance. <br /> <br />c. Special Provisions are amended by the addition of the following: <br /> <br />Pursuant to CRS 24-30-202.4 (as amended), the state controller may withhold debts <br />owed to state agencies under the vendor offset intercept system for: (a) unpaid child <br />support debt or child support arrearages; (b) unpaid balance of tax, accrued interest, or <br />other charges specified in Article 22, Title 39, CRS; (c) unpaid loans due to the student <br />loan division of the department of higher education; (d) owed amounts required to be <br />paid to the unemployment compensation fund; and (e) other unpaid debts owing to the <br /> <br />Loan Contract Amendment No.2 <br /> <br />Page 2 of 3 <br /> <br />San Luis Valley Irrigation District <br />