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<br />J <br />j <br /> <br />" <br /> <br />r~~ <br />i""','J <br /> <br />" <br /> <br />a. Paraqraph A.9. Add to'i:Jie end of paragraph A.9 the following: <br /> <br />" <br /> <br />Seek from its shareholders sufficient annual assessments from time to time as necessary, upon <br />wrinen notice from the STATE, to provide sufficient funds for adequate operation and maintenance, <br />emergency repair services, obsolescence reserves, and debt reserves, and to assure repayment of <br />the project loan to the STATE as provided herein. Should the shareholders fail to set any <br />assessment, pursuant to the provisions of Section 7-42-104(2), C.R.S., the CONTRACTOR shall <br />establish adequate assessments for the purpose of repaying this loan. <br /> <br />b. Paraqraph.A.10. Add to the end of paragraph A.10 the following: <br /> <br />Approval by the shareholders of the contracting of this additional amount of loan debt, of its <br />repayment by the President and Secretary, of the signing of the security interest as required by <br />paragraphs A. 10 and 14, of the levying of assessments in an amount sufficient to repay and assure <br />payment of the loan, and of the security interest in such assessments, shall be obtained at the next <br />scheduled meeting of the shareholders. None of the monies covered by this amendment shall be <br />expended under this Amendment unless and until such approval of the shareholders has been <br />obtained. Upon its execution, the shareholder approval shall become a part of this Contract and <br />thereby incorporated herein by this reference as Appendix D. <br /> <br />c. Paraqraph A.13. Replace. paragraph A.13 with the following new paragraph: <br /> <br />The principal amount of the loan shall be the total amount of funds advanced by the STATE to the <br />CONTRACTOR under the terms of this contract, not to exceed the MAXIMUM LOAN AMOUNT of <br />$83,500. The interest on the principal shall accrue at the rate of five percent (5 %) per annum from <br />the date on which the STATE determines that the project has been substantially completed. If the <br />amount bo'rrowed is the MAXIMUM LOAN AMOUNT, payments would be made in forty (40) annual <br />installments of Four Thousand Eight Hundred Sixty-Six Dollars and Twenty-Three Cents <br />($4,866.23), which amount includes principal and interest. The first installment shall be due and <br />payable on the first day of the month, next succeeding the month in which the STATE determines <br />that the PROJECT has been substantially completed, and yearly thereafter until the entire principal <br />sum and any accrued interest shall have been paid. Installment payments are to be made payable <br />to the CWCS at the address given below. <br /> <br />d. Paraqraph C.1. Replace paragraph C.t with the following new paragraph: <br /> <br />Loan to the CONTRACTOR for the construction of the project an amount not to exceed the MAXIMUM <br />LOAN AMOUNT. . Said amount shall be made available to the CONTRACTOR in accordance with the <br />following terms and conditions. <br /> <br />e. Paraqraph I. Replace paragraph I with the following new paragraph: <br /> <br />Upon Completion of repayment of the STATE of the entire principal and any accrued interest as <br />specified in the promissory note provisions of the contract, the STATE agrees to execute a release <br />of deed of trust to convey to the CONTRACTOR all of the STATE'S right, title, and interest in and <br />to the Project and any other property described in Paragraph A. 14. <br /> <br />f. Paraqraph L. Replace paragraph L with the following new paragraph: <br /> <br />The Contractor agrees that the specific revenues to be pledged to repay the State shall include, <br />without being limited to, an assessment levied for that purpose as authorized by Resolution of <br />the Contractor. The Contractor hereby pledges such assessment revenues to repay the State loan, <br />warrants that these revenues will not be used for any other purpose, and agrees to provide the <br />State with a perfected security interest in the form provided by the State irrevocably <br />pledging such revenues on the date of execution of both the Original Contract and this <br />Amendment. In addition, the Contractor will, within thirty (30) days prior to the end of the <br />fourth year that the Original Contract is in effect and every five (5) years thereafter; deliver to <br />the State a fully and properly executed Continuation Statement IForm UCC-3) of the security <br /> <br />LOLOFF LATERAL DITCH COMPANY <br /> <br />Page 2 of 3 <br /> <br />CONTRACT AMENDMENT #1 <br /> <br />.. <br />