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<br />-./~ <br />.. ) <br /> <br />,,'h" <br /> <br />specified loan amounts"... as may be justified by reason of changes in the plans for a project if those <br />changes are required by final engineering drawings and specifications...." <br /> <br />H. At its March 12, 1996, Board meeting, the CWCB approved increasing the loan by an <br />amount not to exceed $13,000 at an interest rate of 4% and for a duration of 30 years, based on <br />the fact that the changes made to the plans and specifications increased the cost of the PROJECT, and <br />determined that the security given for the original loan amount of $40,000 is sufficient to secure the <br />revised total loan amount of $53,000. <br /> <br />NOW THEREFORE, it is hereby a9reed 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 promises and <br />agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL <br />CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified herein, are <br />to apply to this Amendment as though they were expressly rewritten, incorporated, and induded <br />herein. <br /> <br />3. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed in the <br />following respects only: <br /> <br />a. The last sentence in Paragraph A.6 is amended by the fOllowing: <br /> <br />Pursuant to Article VI, Section 2 of the CONTRACTOR'S by-laws, the above-described <br />resolution of the CONTRACTOR'S Board of Directors authorizes the CONTRACTOR to borrow the <br />additional loan amount of $13,000. <br /> <br />b. Paragraphs A.8a and A.8d of the Promissory Note Provisions are changed to read as follows: <br /> <br />a. Principal amount. The principal amount of the loan shall be the total amount of funds <br />advanced by the State to the Contractor under the terms of this contract, not to exceed the <br />amount of $53,000. <br /> <br />d. Loan payment. The payments shall be 30 annual installments of $3,065.00, which <br />amount includes principal and interest. The first installment shall be due and payable one <br />year after the STA TE determines that the PROJECT has been substantially completed, and <br />annually thereafter until the entire principal sum and any accrued interest shall have been <br />paid. Installment payments are to be made payable to the CWCB at the address given <br />below. <br /> <br />4. To reflect the increased loan amount of $53,000, the security instruments executed and <br />incorporated into the ORIGINAL CONTRACT are replaced as follows: <br /> <br />(1) the deed of trust, attached hereto as Attachment 3 and incorporated herein, replaces <br />the deed of trust referred to in the Security Provisions of the ORIGINAL CONTRACT and, <br /> <br />(2) UCC Security Agreement and Financing Statement, attached hereto as Attachment 4 <br />and incorporated herein, replaces the UCC Security Agreement and Financing Statement <br />referred to in the Pledge of Revenues Provisions of the ORIGINAL CONTRACT. <br /> <br />Appleton ML350 Ditch Company, Inc. <br /> <br />Page 2 of 3 <br /> <br />Contract Amendment # 1 <br />