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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
<br />to this Amendment as though they were expressly rewritten, incorporated, and included herein.
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<br />3. The Contractor's Board of Directors and stockholders have adopted resolutions, irrepealable for
<br />the term of this loan, authorizing the Contractor to enter into this contract amendment to borrow
<br />the additional $53,100, to make and levy assessments sufficient to pay the annuai loan payments,
<br />and to increase the amount of the Certificate(s) of Deposit provided as collaterai for the ioan to
<br />$22,536,39. Said resolutions are attached hereto as Attachment 1.
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<br />4. Fort Morgan Reservoir & Irrigation Company, a major shareholder of the Jackson Lake Reservoir
<br />and Irrigation Company, has approved the increased loan amount of $389,700 and its resolutions
<br />are incorporated herein by reference.
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<br />5. Prior to the execution of this Amendment by the CWCB, the CONTRACTOR shall submit to the
<br />CWCB a letter from its attorney stating that It is the attorney's opinion that the person signing for
<br />the CONTRACTOR was duly elected or appointed and has authority to sign such documents on
<br />behalf of the CONTRACTOR and to bind the CONTRACTOR; that the CONTRACTOR'S stockholders and
<br />board of directors have validly adopted resolutions approving this Amendment; that there are no
<br />provisions in the CONTRACTOR'S articles of incorporation or by-laws or any state or local law that
<br />prevent this Amendment from binding the CONTRACTOR; and that this Amendment will be valid
<br />and binding against the CONTRACTOR If entered into by the CWCB.
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<br />6. The CONTRACTOR agrees that it shall execute the following documents, all of which shall set forth
<br />the revised loan amount of $389,700 at an interest rate of 4% per annum for a repayment term of
<br />30 years:
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<br />a, Promissory Note, attached as Attachment 2 and incorporated herein, which shall supersede
<br />and replace Appendix 2 to the ORIGINAL CONTRACT;
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<br />b. an Assignment of Certificate of Deposit for a certificate of deposit in the amount of $3,070,78,
<br />attached hereto as Attachment 3 and incorporated herein, which shall be in addition to
<br />Appendix 3 to the ORIGINAL CONTRACT, for a certificate of deposit in the amount of
<br />$19,465.61 ;
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<br />c, an Amended Deed of Trust, attached hereto as Attachment 4 and incorporated herein, which
<br />shall supercede and replace Appendix 4 to the ORIGINAL CONTRACT;
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<br />d. an Amended Security Agreement, attached as Attachment 5 and incorporated herein, which
<br />shall supersede and replace Appendix 5 of the ORIGINAL CONTRACT. .
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<br />7. It is agreed the Original Contract, as amended is and shall be modified, altered, and changed in
<br />the following respects only:
<br />
<br />a. The second line of Paragraph A,9, Promissory Note Provisions, of the Original Contract is
<br />revised to read as follows:
<br />
<br />evidencing this loan in an amount up to $389,700 at an interest rate of 4% per annum for a....
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<br />b, The fourth line of Paragraph A.11, Collateral, of the Original Contract is revised to read as
<br />follows:
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<br />established by the BORROWER in the amount of one annual loan payment ($22,536.39),
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<br />c, The first sentence of Paragraph A.12,b is revised to read as follows:
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<br />The Borrower agrees that, in order to provide a security interest for the State in the pledged
<br />property so that the State shall have priority over all other competing claims for said property, it
<br />shall execute a Security Agreement, attached hereto as Appendix 5 incorporated here,
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<br />8, Except for the SPECIAL PROVISIONS, in the event of any conflict, inconsistency, variance, or
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