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<br />2, It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL CONTRACT,
<br />and all terms, conditions, and provisions thereof, unless specifically modified herein, are to apply to this
<br />Amendment as though they were expressly rewritten, incorporated, and included herein,
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<br />) 3, Pursuant to its statutory authority, articles of incorporation, by-laws, and as authorized by the
<br />stockholders at a meeting held February 25, 1997, the minutes of which are incorporated herein by
<br />reference, the CONTRACTOR'S Board of Directors has adopted a resolution, irrepealable for the term of
<br />this loan, authorizing the CONTRACTOR to enter into this contract amendment to borrow the additional
<br />$225,000, Said resolution is attached hereto as Exhibit 1.
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<br />4. The CONTRACTOR agrees that it shall execute an amended Security Agreement, attached as Exhibit 2
<br />and incorporated herein, and an amended Deed of Trust, attached as Exhibit 3 and incorporated
<br />herein, both of which are amended to reflect the revised total loan amount. The amended Security
<br />Agreement shall supersede and replace the Security Agreement attached to the ORIGINAL CONTRACT
<br />as Appendix B. The amended Deed of Trust shall supersede and replace the Deed of Trust attached
<br />to the ORIGINAL CONTRACT as Appendix C, .
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<br />5, It is agreed the ORIGINAl CONTRACT is and shall be modified, altered, and changed in the following
<br />respects only:
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<br />a. Paragraph 9, Promissory Note Provisions, is replaced by the following:
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<br />9. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment and
<br />evidencing this debt is attached as Exhibit 4 and incorporated herein.
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<br />a. Revision Of Promissory Note. In the event the Borrower does not use all of the loan funds for
<br />construction of the Project, the Promissory Note may be adjusted in accordance with the
<br />Changes Provisions of this contract.
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<br />b. Interest During Construction. As the loan funds are disbursed by the STATE to the
<br />BORROWER during construction, interest shall accrue at the rate of 3)1,%, The amount of the
<br />interest accrued during construction shall be calculated by the STATE and the BORROWER shall
<br />repay that amount to the STATE either within ten (10) days after the date the STATE determines
<br />that the PROJECT has been substantially completed, or, at the STATE'S discretion, the amount
<br />shall be deducted from the final disbursement of loan funds that the STATE makes to the
<br />BORROWER.
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<br />b. A new Paragraph 10, set forth below, is added, and the paragraphs following it are renumbered
<br />accordingly.
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<br />10. Changes. The STATE may decrease the amount of the loan under this contract or extend the
<br />time for completion of the PROJECT through a REVISION LETTER, approved by the State Controller or
<br />his designee, in the form attached hereto as Exhibit 6. The REVISION LETTER shall not be valid until
<br />approved by the State Controller or such assistant as he may designate. Upon proper execution
<br />and approval, the REVISION LETTER shall become an amendment to this contract and, except for the
<br />Special Provisions of the contract, the REVISION LETTER shall supersede the contract in the event of
<br />a conflict between the two. The parties understand and agree that the REVISION LETTER may be
<br />used only for decreasing the final loan amount or to extend the time for completion of the PROJECT.
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<br />Beaver Park Water, Inc.
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