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<br />F. At its May 11-12, 1998 meeting, the CWCB approved increasing this loan by <br />$11,112.75 for a total loan amount of $154,112.75 at the same tenms of 3.75% per <br />annum for a tenm of 30 years. <br /> <br />G. The STATE and the CONTRACTOR have agreed to amend this contract to increase the <br />amount of the loan by $11,112.75. <br /> <br />NOW THEREFORE, the parties hereby agree that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />which shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the <br />promises and agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the <br />ORIGINAL CONTRACT, and all tenms, conditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br /> <br />3. The CONTRACTOR'S Board of Directors have adopted resolutions, irrepealable for the <br />tenm of this loan, authorizing the CONTRACTOR to enter into this contract amendment to <br />borrow the additional $11,112.75, and to increase the amount of the Certificate of <br />Deposit provided as collateral for the loan to $8,643.82. Said resolutions are attached <br />hereto as Attachment 1. <br /> <br />4. The CONTRACTOR agrees that it shall execute a Promissory Note, attached as <br />Attachment 2 and incorporated herein, which shall supersede and replace Appendix <br />2 to the ORIGINAL CONTRACT; an Assignment of Certificate of Deposit, attached hereto <br />as Attachment 3 and incorporated herein, which shall supersede and replace <br />Appendix 4 to the ORIGINAL CONTRACT; an amended Security Agreement, attached as <br />Attachment 4 and incorporated herein; and an Assignment of Deposit Account as <br />Security, attached hereto as Attachment 5, which shall supersede and replace <br />Appendix 6 to the ORIGINAL CONTRACT, all of which shall set forth the revised loan <br />amount. <br /> <br />5. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed in <br />the following respects only: <br /> <br />a. The second line of Paragraph A.9 of the ORIGINAL CONTRACT shall be amended to <br />read as follows: "and evidencing this debt in the amount of $154,112.75...." <br /> <br />b. The fourth line of Paragraph A.12 of the ORIGINAL CONTRACT shall be amended to <br />read as follows: "... the amount of one annual loan payment ($8,643.82),...." <br /> <br />c. The second line of Paragraph B.1 of the ORIGINAL CONTRACT shall be amended to <br />read as follows: "$154,112.75....." <br /> <br />6. The effective date of this Amendment is the date first written above. <br /> <br />Hawkeye Lateral Ditch Co. <br /> <br />Page 2 of 3 <br /> <br />Contract Amendment No.1 <br />