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<br />BORROWER: THE TUNNEL WATER CO.
<br />Contract No. C150065
<br />Original Loan Amount $2,080,000
<br />Adjustment (Decrease): $198,599.52
<br />Adjusted Loan Amount $1,881,400.48
<br />
<br />Agency Name: Water ConseNation Board
<br />Agency Number PDA
<br />Routing Number: 04 PDA ~
<br />
<br />LOAN CONTRACT AMENDMENT No. 1
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<br />This Amendment, made this November 24, 2003, by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado
<br />Water ConseNation Board ("CWCB"), and The Tunnel Water Company, P. O. Box 1584,
<br />Fort Collins, Colorado 80522, a Colorado non-profit corporation ("BORROWER" or
<br />"CONTRACTOR").
<br />
<br />F ACTUALRECIT ALS
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<br />A. Authority exists in the law, and funds have been budgeted, appropriated, and
<br />otherwise made available for payment in Contract Encumbrance Number C150065.
<br />
<br />B. Required approval, clearance, and coordination have been accomplished from and
<br />with appropriate agencies.
<br />
<br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number
<br />C150065, dated July 11, 2001 ("ORIGINAL CONTRACT"), incorporated herein by
<br />reference, wherein the CWCB agreed to loan money in the .total amount up to
<br />$2,080,000, and the BORROWER agreed to repay the loan in accordance with the
<br />terms of the ORIGINAL CONTRACT.
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<br />D. The Project was substantially complete as of December 1, 2002. Of the $2,080,000
<br />loan amount available, only $1,881,400.48 was disbursed to the BORROWER for the
<br />PROJECT. Thus, the amount actually borrowed by the Borrower for the Project was
<br />$1,881,400.48 rather than $2,080,000. .
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<br />E. The parties agree to amend the contract to reduce the final loan amount to
<br />$1,881,400.48.
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<br />NOW THEREFORE, it is hereby agreed that
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<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.
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<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.
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<br />3. The BORROWER agrees that it shall execute the following documents, all of which shall
<br />set forth the revised loan amount of $1,881 ,400.48:
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