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<br />! ~~ <br />,; <br /> <br />v <br /> <br />, <br />~ <br /> <br />1. The terms and provisions of paragraphs A.S.. A.ll.. B.. <br />C.l. and I. of that certain contract dated May 1. 1986. <br />attached hereto as Attachment A and incorporated by reference <br />herein. shall no longer be effective. All other terms and <br />provisions of that certain contract dated May 1. 1986. shall <br />remain in full force and effect. except as specifically <br />modified herein.. <br /> <br />2. Paragraphs A.S.. A.ll.. B.. C.l. and I. are hereby <br />amended to read as follows: <br /> <br />A.S. The City shall execute a mortgage of the <br />following real property to the State as security for <br />the loan: <br /> <br />a. A 24-inch. class 50 ductile iron pipe. B.340~ <br />linear feet with all .~ppurtenances. <br /> <br />b. A 3D-inch. class 50 ductile iron pipe. 9.160~ <br />linear feet with all appurtenances. <br /> <br />c. Eleven vaults. air release valves. five drain <br />valves and assemblies. <br /> <br />d. 3.6~ acres of land to be used as pipeline <br />easements. <br /> <br />This mortgage shall be in the form attached <br />hereto as Attachment B and incorporated herein. <br /> <br />The mortgage will be recorded by the Contractor <br />in the proper county or counties and all recording <br />fees shall be paid by the Contractor. The retainage <br />shall not be paid to the Contractor until a mortgage <br />has been executed. recorded. and filed with the State. <br /> <br />A.ll. Repay to the State the total principal sum of <br />Two Million Nine Hundred Thousand Two Hundred <br />Fifty-One Dollars and Twenty Cents ($2.900.251.20). <br />which includes the project loan amount and the <br />feasibility report amount. together with interest at <br />the rate of five percent (5'> per annum. said <br />repayment to be made in constant annual installments <br />of Seventy-Two Thousand Five Hundred Six Dollars and <br />Twenty-Eight Cents ($72.506.28) each. for forty (40) <br />years. as shown in Attachment C. attached hereto and <br />incorporated by reference herein. which first <br />installment shall be due and payable on the first day <br />of the month next succeeding the month in which the <br />State determines that the project has been <br />substantially completed. and yearly thereafter until <br />the entire principal sum shall have been paid. <br />However. in the event the Contractor does not draw <br />funds commencing on the date specified in paragraph <br />C.I.a. below. the obligation to repay shall be <br />postponed for the same number of months as the <br />Contractor delays in drawing funds. Said installment <br />payments shall be made payable to the Colorado Water <br />Conservation Board. payable at the offices of said <br />Board in Denver. Colorado. The Contractor pledges its <br />full faith and credit in support of this Obligation <br />and warrants that it has taken all steps necessary to <br />pledge its full faith and credit for this Obligation. <br /> <br />B. Upon default in the payments herein set forth to <br />be made by the Contractor. or default in the <br />performance of any covenant or agreement contained <br />herein. the State. at its option. may (a) declare the <br />entire principal amount then outstanding immediately <br /> <br />c <br /> <br />Page ~ of ~ Pages <br />