C153501 Contract

• Contract/PO #: C153501
• Contractor Name: Beaver Park Water, Inc.
• Contract Type: Loan
• Water District: 12
• County: Fremont
• Bill Number: SB 87-15
• Loan Projects - Doc Type: Contract Documents

BORROWER: BEAVER PARK WATER, INC. Agency Name: Water Conservation Board
Contract No. C153501 Agency Number PDA
Original Loan Amount $125,000 CMS# 3 b 7S$
LOAN CONTRACT AMENDMENT No. 1
(STANDARD CONTRACT—WAIVER#160—APPROVED NOVEMBER 10, 2003)
This Amendment, made this September 13, 2011, by and between the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado
Water Conservation Board ("CWCB"), and Beaver Park Water, Inc., a Colorado mutual
ditch company ("BORROWER" Or"CONTRACTOR").
FACTUAL RECITALS
A. Authority exists in the law, and funds have been budgeted, appropriated, and
otherwise made available for payment in Contract Encumbrance Number C153501.
B. Required approval, clearance, and coordination have been accomplished from and
with appropriate agencies.
C. The CWCB and the BORROWER entered into Contract Encumbrance Number
C153501, dated August 6, 1987 ("ORIGINAL CONTRACT"), incorporated herein by
reference, wherein the CWCB agreed to loan money in the total amount up to
$125,000, and the BORROWER agreed to repay the loan in accordance with the terms
of the ORIGINAL CONTRACT.
D. Borrower currently has multiple loans with the CWCB for improvements to its water
supply system that are secured by quit claim deed, warranty deed and/or deed of
trust, as illustrated in the table attached hereto as Appendix A, Beaver Park Water
Loans Summary. Borrower has requested that the CWCB re-convey back to the
Borrower the collateral that is being held for Loan Contracts C153355, C153320,
C153333, C153438 and C153501 via Bargain and Sale Deed, so that the Borrower
may then sell certain water storage space in Brush Hollow Reservoir to Penrose
Water District.
E. CWCB consents to the request to re-convey the collateral under the condition that
Borrower provides as substitute collateral for this loan and Loan Contracts C153333,
C153320, C153355 and C153438 the Brush Hollow Dam and Reservoir, which is
already encumbered by the CWCB with a Deed of Trust for Loan Contract C153742 in
the amount of $975,000. CWCB shall re-convey the property with the Bargain and
Sale Deed, attached hereto and incorporated herein as Appendix C.
F. The parties agree to amend this contract and Loan Contracts C153333, C153320,
C153355 and C153438 to reflect the substitute collateral, and to amend the Deed of
Trust for Loan Contract C153743 to reflect the additional loan contracts and
promissory notes secured by the instrument.
NOW THEREFORE, it is hereby agreed that
1. 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
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