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<br />r-', <br />.. <br /> <br />G. The STATE and the CONTRACTOR have agreed to amend this contract to increase the' <br />amount of the loan by $270,000 to a total loan amount of $458,000, which may be used to <br />finance up to 83% of the total PROJECT cost. <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 the 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 ORIGINAL <br />CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified <br />herein, are to apply to this Amendment as though they were expressly rewritten. <br />incorporated, and included herein. <br /> <br />3, The CONTRACTOR'S Board of Directors and stockholders have adopted resolutions. <br />irrepealable for the term of this loan. authorizing the CONTRACTOR to enter into this contract <br />amendment to borrow the additional $270.000, to make and levy assessments sufficient to <br />pay the annual loan payments. and to increase the amount of the Certificate of Deposit <br />provided as collateral for the loan to $25,688.13. Said resolutions are attached hereto as <br />Exhibit 1, <br /> <br />4. Prior to the execution of this Amendment by the STATE, the CONTRACTOR shall submit to <br />the STATE a letter from its attorney stating that it is the attorney's opinion that the person <br />signing for the CONTRACTOR was duly elected or appointed and has authority to sign <br />such documents on behalf of the CONTRACTOR and to bind the CONTRACTOR; that the <br />CONTRACTOR'S stockholders and board of directors have validly adopted resolutions <br />approving this Amendment; that there are no provisions in the CONTRACTOR'S articles of <br />incorporation or by-laws or any state or local law that prevent this Amendment from <br />binding the CONTRACTOR; and that this Amendment will be valid and binding against the <br />CONTRACTOR if entered into by the STATE. <br /> <br />5. The CONTRACTOR agrees that it shall execute a Promissory Note. attached as Exhibit 2 <br />and incorporated herein. which shall supersede and replace Appendix 2 to the ORIGINAL <br />CONTRACT; an Assignment of Certificate of Deposit. attached hereto as Exhibit 3 and <br />incorporated herein. which shall supersede and replace Appendix 4 to the ORIGINAL <br />CONTRACT; an amended Security Agreement, attached as Exhibit 4 and incorporated <br />herein, and an Assignment of Deposit Account as Security, attached as Exhibit 5 and <br />incorporated herein. which shall supersede and replace Appendix 6 to the ORIGINAL <br />CONTRACT, all of which shall set forth the revised loan amount. <br /> <br />6. The parties. agree that the ORIGINAL CONTRACT is and shall be modified. altered. and <br />changed in the following respects only: <br /> <br />a. The second line of Paragraph A.9 of the ORIGINAL CONTRACT shall be amended <br />to read as follows: "and evidencing this debt in the amount of $458.000..... <br /> <br />b. The fourth line of Paragraph A.12 of the ORIGINAL CONTRACT shall be amended <br />to read as follows: "established by the BORROWER in the amount of one annual <br />loan payment ($25.688.13). <br /> <br />c. The second line of Paragraph B.1 of the ORIGINAL CONTRACT shall be amended <br />to read as follows: "exceed $458.000...." <br /> <br />The Wood Lake Mutual Water & Irrigation Company <br /> <br />Page 2 of 3 <br /> <br />Contract Amendment No.1 <br />