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<br />project due to ...errors or omissions in the plans and specifications...." The CWCB <br />staff has reviewed the CONTRACTOR'S request and has concluded that the increased <br />costs are due to an omission in the PROJECT plans and specifications. At its <br />November 24-25, 1997 meeting, the CWCB approved increasing this loan by <br />$128,750. <br /> <br />F. The STATE and the CONTRACTOR have agreed to amend this contract to increase the <br />amount of the loan by $128,750. <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 terms, 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 and stockholders have adopted resolutions, <br />irrepealable for the term of this loan, authorizing the CONTRACTOR to enter into this <br />contract amendment to borrow the additional $128,750, and to increase the amount of <br />the Certificate of Deposit provided as collateral for the loan to $21,439.19. Said <br />resolutions are attacheg hereto as Exhibit 1. <br /> <br />4. 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 <br />ORIGINAL CONTRACT; an Assignment of Certificate of Deposit, attached hereto as <br />Exhibit 3 and incorporated herein, which shall supersede and replace Appendix 4 to <br />the ORIGINAL CONTRACT; an amended Security Agreement, attached as Exhibit 4 and <br />incorporated herein; and an Assignment of Deposit Account as Security, attached <br />hereto as Exhibit 5, which shall supersede and replace Appendix 6 to the ORIGINAL <br />CONTRACT, all of which shall set forth the revised loan 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 <br />"' to read as follows: "and evidencing this debt in the amount of $382,250..." <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 ($21,439.49)," <br /> <br />c) The second line of Paragraph B.1 of the ORIGINAL CONTRACT shall be amended <br />to read as follows: "exceed $382,250...." <br /> <br />6. The effective date of this Amendment is the date first written above. <br /> <br />Buffalo Mutual Irrigation Co. <br /> <br />Page 2 of 3 <br /> <br />Contract Amendment No. 1 <br />