C153623 Contract - Laserfiche WebLink

Home Browse Search

CONTRACT AMENDMENT Amendment No.1 Original Loan Contract CLIN Routing #PDA 93152 (1992) Contract #C153623 Amendment CMS # 60145 1) PARTIES This Amendment No.1 (AMENDMENT) to the above - referenced ORIGINAL LOAN CONTRACT (hereinafter called the ORIGINAL CONTRACT) is entered into by and between the Sanchez Ditch and Reservoir Company, Route 1, Box 215, San Acacio, CO 81151, a Colorado nonprofit corporation (hereinafter called "BORROWER" or "COMPANY "), and the STATE OF COLORADO (hereinafter called the "STATE ") acting by and through the Department of Natural Resources, Colorado Water Conservation Board, (hereinafter called "CWCB "). 2) EFFECTIVE DATE AND ENFORCEABILITY This AMENDMENT shall not be effective or enforceable until it is approved and signed by the Colorado State Controller or designee (hereinafter called the "EFFECTIVE DATE "), but shall be effective and enforceable thereafter in accordance with its provisions. 3) FACTUAL RECITALS WHEREAS, authority exists in the law, and funds have been budgeted, appropriated, and otherwise made available for payment in Contract Encumbrance Number C153623; and WHEREAS, CWCB and the BORROWER entered into Contract Encumbrance Number C153623, dated August 20, 1992, referred to as the "ORIGINAL CONTRACT ", incorporated herein by reference, wherein the CWCB agreed to loan money in the total amount up to $200,000, and the BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT; and WHEREAS, BORROWER submitted a letter dated June 2, 2011, incorporated herein by reference that describes unexpected financial difficulties and requested that the September 2011 loan payment be deferred, and WHEREAS, At its July 2011 Board meeting, the CWCB found that the BORROWER had encountered significant and unexpected financial difficulties and that it has been duly diligent in its efforts to comply with the repayment provisions of this contract, and approved the deferral of the BORROWER's September 2011 loan payment pursuant to § 37 -60- 120(3), C.R.S.; and WHEREAS, Pursuant to the Board's approval of an annual loan payment deferral, the September 2011 annual loan payment of $11,485.57 and the interest of $2,146.75 were deferred by CWCB. The unpaid interest was added to the loan principal changing the new loan principal amount to $73,705.22; and WHEREAS, At its September 2012 Board meeting, the CWCB approved a contract condition to new CWCB Loan Contract C150342, requiring the BORROWER to make additional principal payments of $5,000 annually to this CWCB Loan Contract C153623, increasing the annual loan payment to $16,485.57. 4) CONSIDERATION Consideration for this AMENDMENT to the ORIGINAL CONTRACT consists of the payments that shall be made pursuant to this AMENDMENT and ORIGINAL CONTRACT and the promises and agreements herein set forth. The Parties acknowledge that the mutual promises and covenants contained herein and other good and valuable consideration are sufficient and adequate to support this AMENDMENT. The Parties agree to replace the Colorado Special Provisions with the most recent version (if such have been updated since the ORIGINAL CONTRACT and any modification thereto were effective) as part consideration for this AMENDMENT. If applicable, such Special Provisions are attached hereto and incorporated by reference herein as APPENDIX A. Page 1 of 3 Effective Date: 1/6/09