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<br />BORROWER: LOWER ARKANSAS WATER MGMT ASSN
<br />Contract No. C153768
<br />
<br />Agency Name: Water Conservation Board
<br />Agency Number PDA .
<br />Routing Number: 04 PDA Oon fJ.J I
<br />
<br />LOAN CONTRACT AMENDMENT No.4
<br />
<br />This Amendment is made this April 1, 2004, by and between the State of Colorado for the
<br />use and benefit of the Department of Natural Resources, Colorado Water Conservation Board
<br />("CWCB"), and the Lower Arkansas Water Management Association, a Colorado nonprofit
<br />corporation ("BORROWER" and/or "CONTRACTOR").
<br />
<br />FACTUAL RECITALS
<br />
<br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise made
<br />available for payment in Contract Encumbrance Number C153768, Fund 424, Appropriation
<br />Code ARA, GBL L768.
<br />
<br />B. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
<br />
<br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number C153768 dated
<br />May 28,1997, and amended May 17,1999, January 14, 2000, and March 10,2001, hereinafter
<br />referred to as ORIGINAL CONTRACT and incorporated herein by reference, wherein the STATE
<br />agreed to loan money in the total amount of $2,300,000, hereinafter referred to as the LOAN, and
<br />the BORROWER agreed to repay the LOAN in accordance with the terms of the ORIGINAL
<br />CONTRACT.
<br />
<br />D. The PROJECT will be substantially complete as of April 1, 2004.
<br />
<br />E. Of the $2,300,000 loan amount available, only $1,875,583.50 was disbursed to the BORROWER
<br />for the PROJECT.
<br />;
<br />F. Collateral for this loan includes shares in the Highland Irrigation Company ("Highland"), which
<br />company has been dissolved. The procedures for dissolving the Highland, as set forth in
<br />Contract Amendment No. 3 dated March 10, 2001, were established to ensure that the CWCB
<br />maintains its security interest in the water rights represented by the shares of the Highland
<br />("Highland Shares").
<br />
<br />G. The parties agree to amend the ORIGINAL CONTRACT to (1) reduce the total loan amount, (2)
<br />release the CWCB's security interests in all of the collateral for this loan, (3) convey security
<br />interests to the CWCB in all of the collateral for this loan, including the water rights previously
<br />represented by the Highland Shares and water rights represented by other Highland Shares, (4)
<br />produce the revised promissory note that shall reflect all of the actions implemented in this
<br />amendment, and (5) incorporate new clauses recently adopted by the CWCB and the State
<br />Controller.
<br />
<br />NOW THEREFORE, it is hereby agreed that
<br />
<br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments that shall
<br />be made pursuant to this Amendment and ORIGINAL CONTRACT and the promises and
<br />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 herein,
<br />are to apply to this Amendment as though they were expressly rewritten, incorporated, and
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