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<br />BORROWER: ORCHARD MESA IRRIGATION <br />DISTRICT, ACTING BY AND THROUGH THE <br />MUTUAL MESA LATERAL ENTERPRISE <br />Contract No, C153723 <br />Original Loan Amount $871,000 <br />Adjustment (Decrease): $401,186.96 <br />Adjusted Loan Amount $469,813.04 <br />LOAN CONTRACT AMENDMENT No.1 <br />(STANDARD CONTRACT - WAIVER #160 - APPRovED NOVEMBER 10, 2003) <br /> <br />Agency Name: Water Conservation <br />Board <br />Agency Number PDA <br />Routing Number: 06 PDA ~ P () / J <br /> <br />This Amendment, made this May 1, 2005, by and between the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado <br />Water Conservation Board ("CWCB"), and Orchard Mesa Irrigation District acting by <br />and through the Mutual Mesa Lateral Enterprise ("BORROWER" or "CONTRACTOR"). <br /> <br />F ACTUAL RECITALS <br /> <br />A. Authority exists in the law, and funds have 'been budgeted, appropriated, and <br />otherwise made available for payment in Contract Encumbrance Number C153723, <br />Fund No. 424, Reporting Category 3723. <br /> <br />B. Required approval, clearance, and coordination have been accomplished from and <br />with appropriate agencies. <br /> <br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number <br />C153723, dated December 2, 1996 ("ORIGINAL CONTRACT"), incorporated herein by <br />reference, wherein the CWCB agreed to loan money in the total amount up to <br />$871,000, and the BORROWER agreed to repay the loan in accordance with the <br />terms of the ORIGINAL CONTRACT, <br /> <br />D. The project financed with the loan proceeds was substantially complete as of May <br />1, 1997, and of the $871,000 loan amount available, the BORROWER used only <br />$861,827,01. <br /> <br />E. On June 1, 1997, the BORROWER made a payment of $400,000 in accordance with <br />Paragraph A.9.f of the ORIGINAL CONTRACT. Said payment was applied $7,986.03 <br />for interest accrued during construction of the project and $392,013.97 was applied <br />to principal reduction, leaving a final loan amount of $469,813.04. <br /> <br />F. The BORROWER has made annual payments of $27,169.33 as required since May <br />1998, with a balance due of $403,650.53 as of April 11 , 2005. <br /> <br />G. In accordance with CWCB Loan Policy No, 5 Collateral, the collateral for this loan <br />shall be amended to a pledge of revenues backed by a rate covenant and annual <br />statement of debt coverage. <br /> <br />H. The parties agree to amend the contract to reduce the final loan amount to <br /> <br />Page 1 of 5 <br />