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C150087 Contract
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C150087 Contract
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Last modified
5/28/2013 8:47:40 AM
Creation date
10/6/2006 12:25:21 AM
Metadata
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Loan Projects
Contract/PO #
C150087
Contractor Name
Cedar Mesa Ditch and Reservoir Company
Contract Type
Loan
Water District
40
County
Delta
Bill Number
SPL
Loan Projects - Doc Type
Contract Documents
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J <br />G. The CWCB and the BoRROweR have agreed to amend this contract to increase <br />the amount of the loan by $50,000, for a total loan amount of up to $150,000, <br />which may be used to finance up to 76% of the total Project cost. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the ORIGINAL CotvTFta,c'r consists of the <br />payments that shall be made pursuant to this Amendment and the ORIGINAL <br />CoNTRa,cT and the promises and agreements herein set forth. <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 />3. The CWCB agrees that it shall loan the BoRROwER an additional $50,000 at an <br />interest rate of 2.75% per annum for a term of 30 years, in addition to the original <br />loan of $100,000 at an interest rate of 3.25% per annum for a term of 20 years, to <br />be used to finance up to 76% of Project costs, and the Borrower hereby agrees to <br />repay the loan in accordance with the terms of the ORIGINAL CONTRACT as <br />amended and Promissory Note. <br />4. Prior to the execution of this Amendment by the CWCB, the BORROWER Sh811 <br />submit to the CWCB a letter from its attorney stating that it is the attorney's <br />opinion that (1) the person(s) signing for the BoRROwER was duly elected or <br />appointed and has authority to sign such documents on behalf of the BoRROwER <br />and to bind the BORROWER (2) the BORROWER governing body has validly <br />adopted a resolution approving this Amendment; (3) there are no provisions in <br />the any state or local law that prevent this Amendment from binding the <br />BoRROwER; and (4) this Amendment will be valid and binding against the <br />BoRROwER if entered into by the CWCB.. <br />5. The BoRROwER agrees that it shall execute the following documents, all of which <br />shall set forth the loan amount of $150,000: <br />a. Promissory Note, attached as Attachment A and incorporated herein, which <br />shall replace and supersede the Promissory Note in the amount of $100,0�0 <br />dated May 1, 2002, attached to the ORi�iNq� CoNrRa,cr as Appendix 2. <br />b. Resolutions, attached hereto as Attachment B and incorporated herein, <br />adopted by the BORROWER Stockholders and Board of Directors, <br />irrepealable for the term of this foan; authorizing the BoRROweR to enter into <br />this contract amendment to borrow the additional $50,000, to make and levy <br />assessments sufficient to pay the annual loan payments, to pledge said <br />Page 2 of 4 <br />
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