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<br />:.'- ) <br /> <br />, I <br /> <br />F. The STATE and the CONTRACTOR have agreed to amend this contract to increase the <br />amount of the loan by $200,000, for a Iota/loan amount of $1,450,000, which may be <br />used to finance up to 90% of the total PROJECT cost. <br /> <br />NOW THEREFORE, it is hereby agreed that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the <br />payments that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, <br />and the promises and agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to <br />the ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporilted, and included herein. <br /> <br />3. The CONTRACTOR'S Board of Directors and stockholders have adopted <br />resolutions, irrepealable for the term of this loan, authorizing the CONTRACTOR to enter into <br />this contract amendment to borrow the additional $200,000 and to make and levy <br />assessments sufficient to pay the annual loan payments. Said resolutions are attached <br />hereto as Attachment 1. - <br />. . <br /> <br />4. Prior to the execution of this Amendment by the STATE, the <br />CONTRACTOR shall submit to the STATE a letter from its attorney stating that it is the <br />attorney's opinion that the person signiOg for the CONTRACTOR was duly elected or <br />appointed and has authority to sign such documents on behalf of the CONTRACTOR <br />and to bind the CONTRACTOR; that the CONTRACTOR'S stockholders and board of <br />directors have validly adopted resolutions approving this Amendment; that there are <br />no provisions in the CONTRACTOR'S articles of incorporation or by-laws or any state <br />or local law that prevent this Amendmemt from binding the CONTRACTOR; and that <br />this Amendment will be valid and bindin9 against the CONTRACTOR if entered into by <br />the STATE. <br /> <br />5. The CONTRACTOR agrees that it shall execute the following documents, all of <br />which shall set forth the revised loan amount: a Promissory Note, attached as Attachment <br />2 and incorporated herein, which shall supersede and replace Appendix B to the ORIGINAL <br />CONTRACT; a Supplemental Deed of Trust, attached hereto as Attachment 3 and <br />incorporated herein, which shall supplemer1t and operate in conjunction with Appendix C <br />to the ORIGINAL CONTRACT; and a Supfllemental Security Agreement, attached as <br />Attachment 4 and incorporated herein, which shall supplement and operate in <br />conjunction with Appendix D to the ORIGINAL CONTRACT. The CONTRACTOR also agrees <br />that, upon substantial completion of the Project, it shall execute the Assignment of <br />Deposit Account as Security attached as Attachment 5 and incorporated herein, which <br />shall supersede and replace Appendix E to the ORIGINAL CONTRACT. <br /> <br />6. The parties agree that the ORIGINAL CONTRACT is and shall be modified, <br />altered, and changed in the following respects only: <br /> <br />a. The second line of Paragraph A.9 of the ORIGINAL CONTRACT shall be <br />amended to read as folloWS: "and evidencing this loan in the amount of <br />up to $1,450,000..." <br /> <br />L~roux Creek Water Users' Association <br /> <br />Page 2 of 3 <br /> <br />Contract Amendment No.1 <br />