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<br />" (~i '( ~ . <br /> <br />11. The STATE and the COJTRA~~OR agree. to .increase the construction loa..;' amount to $620,596. <br /> <br />NOW THEREFORE, it is hereby agreed that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments which shall be made <br />pursuant to this Amendment and ORIGINAL CONTRACT and the promises and agreements h~n;'~7,th~r". .., '. , <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the ~GINALkOfll..wAG:w.vhich <br />is made a part hereof, and identified as Exhibit C and all terms, conditions, and provisions thereof, unless specifically <br />modified herein, are to apply to this Amendment as though they were expressly rewritten, incorporated, and included <br />herein. <br /> <br />3. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed to read as follows: <br /> <br />a, Paragraph A.2: Contract for the construction of said PROJECT to responsible and capable firms', hereinafter <br />referred to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be selected through competitive public <br />bidding, said PROJECT to be completed within three and one-half (3 1/2) years of the date of this contract (by <br />January, 1996), in accordance with'the PROJECT plans and specifications and any necessary modification <br />thereof approved by the STATE. The StATE must approve, in writin9, all contracts before they can become <br />effective. The above specified time may be extended by the STATE if such time is insufficient beca~se of acts <br />or circumstances beyond the control of the CONTRACTOR. - <br /> <br />b. Paragraph A.11: The CONTRACTOR understands ,that this contract is also a promissory note for the <br />repayment of funds loaned according to the terms set forth herein. <br /> <br />i) Principal amount. The principal amount of the construction loan shall be the total amount of funds <br />advanced by the STATE to the BORROWER under the terms of this contract, not to exceed The MAXIMUM <br />LOAN AMOUNT of $620,596. <br /> <br />ii) Interest rate. The interest on the prinCipal shall accrue at the rate of five percent (5%) per annum <br />on all funds advanced to BORROWER. <br /> <br />iii) Duration. The'repayment period of this loan shall 'be twenty-five (25l years. <br /> <br />ili) Loan payment. If the amount borrowed is the MAXIMUM LoAN AMOUNT of $620,596 plus the amount <br />. for the feasibility contract of $23,640, payments would be made in twenty-five (25i annual installments <br />of Forty Five Thousand Seven Hundred Ten Dollars and 13 Cents ($45,710.13), which amount includes <br />principal and interest. The'firstinstallmentshall be due.andpayable on the first day of the month, one <br />year after the month that the STATE declares that the PROJECT has been substilOtially completed, and <br />yearly thereafter until the entire principal sum and any accrued interest shall have been paid. Installment <br />payments are to be made payable to the eWCB at the address given below. <br /> <br />v) Interest during construction. The BORROWER shall repay to the STATE interest which will be calculated <br />monthly at an equivalentrate of five percent (5%) per annum on each loan advance disbursed to the <br />BORROWER during construction. 'Said accumulated'interest shall be paid to the STATE as a single lump <br />sum on the first day of the month following the month that the STATE declares that the PROJECT has been <br />substantially completed. The actual interest which will accumulate during construction is unknown and <br />cannot be calculated until the conclusion ()f construction. <br /> <br />.vi) Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, without <br />penalty. These payments will be applied first to any accrued interest and then to reduce the principal <br />amount. <br /> <br />vii) The contractor pledges its full faith and credit in support of this obligation and warrants that it shall <br />lawfully adopt a valid ordinance that recognizes this obligation pursuant to its charter prior to the <br />execution of this contract. Such ordinance is a condition precedent to STATE performance of this <br />'contract. Such ordinance shall be irrepealable for the period of repayment of the project contract loan. <br />Such ordinance shall specifically authorize the city to enter into this contract. Such ordinance shall <br /> <br />CITY OF GREELEY <br /> <br />Pag~ 2 of 3 <br /> <br />CONTRACT AMENDMENT #1 <br />