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<br />J <br /> <br />;.J <br /> <br />based on the 5% per annum interest rate and 29 years remaining on the term of the loan. <br /> <br />8. 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 <br />the left abutment, and the resulting unexpected $77,000 repair to the reservoir, for which <br />the Board ailowed the loan payment to be deferred for one year with no interest charge, <br />thereby extending the ioan payback period by one year. <br /> <br />9. The parties agree that the ORIGINAL CONTRACT is to be amended to defer the 1999 and <br />2000 annual payments and to acknowledge the 1993 deferral. <br /> <br />NOW THEREFORE, the parties hereby agree that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />which shail be made pursuant to this Amendment and ORIGINAL CONTRACT and the <br />promises and 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 ail terms, conditions, and provisions thereof, unless specifically modified <br />herein, are to apply to this Amendment as though they were expressly rewritten, <br />incorporated, and included herein. <br /> <br />3. The CONTRACTOR agrees that it shall execute an Amended Deed of Trust, attached hereto <br />as Appendix A and incorporated herein, which shail supplement and operate in <br />conjunction with the Deed of Trust dated October 5, 1988 (Filed in Hinsdale County, <br />Reception No. 80458 on October 24, 1988) <br /> <br />4. It is agreed the ORIGINAL CONTRACT is and shail be modified in the foilowing respects only: <br /> <br />a. Paragraph A.11 is replaced by the Promissory Note dated November 1, 2001, <br />attached hereto as Appendix Band incoq:lOrated herein, Jrl.the, amount _ of <br />.. $525,'64(1.4-7 -which is the loan amouflt as'of December 1, 2001, and reflects the <br />addition of the accrued interest of $48,871.20 for the deferral of two loan payments: <br />$23,839.56 for the deferral of the December 1999 payment and $25031.59 for the <br />deferral of the December 2000 loan payment. <br /> <br />b. Paragraph I 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 <br />project by relea_58?f 9~ed of !rust. <br /> <br />c. Special Provisions are amended by the addition of the foilowlng: <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, <br />or other charges specified in Arlicle 22, Title 39, CRS; (c) unpaid loans due to the <br />student loan division of the department of higher education; (d) owed amounts <br />required to be paid to tile unemployment compensation fund; and (e) other unpaid <br />debts owing to the state or any agency thereof, the amount of which is found to be <br />owing as a result of final agency determination or reduced to judgment as certified by <br />the controller <br /> <br />Loan Contract Amendment No.4 <br /> <br />Page 2 of 3 <br /> <br />San Luis Valley Irrigation District <br />