PROJC01467 - Laserfiche WebLink

Home Browse Search

. B(jRROWER: OVERLAND DITCH & RES. CO. Contract No. C153307 Original Loan Amount $850,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number: 04 PDA CXJcf21) LOAN CONTRACT AMENDMENT No.4 (STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003) This Amendment made this March 1, 2004, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), and Overland Ditch and Reservoir Company, 1321 2900 Road, Hotchkiss, CO 81419 ("BORROWER" or "CONTRACTOR"). FACTUAL RECITALS A. Authority exists in the law, and funds have 'been budgeted, appropriated, and otherwise made available for payment in Contract Encumbrance Number C153307. B. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. The CWCB and the BORROWER entered into Contract Encumbrance Number C153307 dated July 1, 1979, and amended on July 1, 1983, June 27, 1996 and April 21, 1998 ("ORIGINAL CONTRACT"), incorporated herein by reference, wherein the CWCB agreed to loan money in the total amount up to $850,000, and the BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT, D. Section 37-60-120 (3), C.R.S., authorizes the CWCB to defer an annual loan payment if, in the CWCB's opinion, the entity requesting such deferral demonstrates that it has encountered significant and unexpected financial difficulties and that it has been duly diligent in its efforts to comply with the repayment provisions of its contract with the CWCB. E. The BORROWER submitted a letter dated August 7, 2002, incorporated herein by reference that describes unexpected financial difficulties in the form of severe and extended drought and requested that the December 2002 loan payment be deferred. F. At its September 2002 meeting, the CWCB found that the BORROWER had encountered significant and unexpected financial difficulties and that it has been duly diligent in its efforts to comply with the repayment provisions of this contract, and approved deferral of the BORROWER'S December 2002 loan payment pursuant to 937- 60-120(3), C.R.S, Further, the CWCB stated that the interest amount of the loan payment would be added to the current loan balance, and the new loan balance re- amortized over the loan's remaining term of repayment. G. The parties agree to amend the ORIGINAL CONTRACT to defer the BORROWER'S loan payment. NOW THEREFORE, the parties hereby agree that 1, Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT and the promises and agreements herein set forth, Page 1 of 3