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CONTRACT AMENDMENT <br /> Amendment No. 2 Original Loan Contract No. CORE No. CT2015-040 <br /> C150237 <br /> Original CMS No. 27312 <br /> Amendment 1 CMS No. 74781 <br /> Amendment 2 CMS No. 85650 <br /> 1) PARTIES <br /> This Amendment No. 2 (AMENDMENT) to the above-referenced ORIGINAL LOAN CONTRACT <br /> (hereinafter called the ORIGINAL CONTRACT) is entered into by and between the Penrose Water <br /> District, acting by and through its Water Activity Enterprise, 340 Grant Street, Penrose, <br /> Colorado 81240, (hereinafter called "BORROWER"), and the STATE OF COLORADO (hereinafter <br /> called the "STATE") acting by and through the Department of Natural Resources, Colorado Water <br /> Conservation Board, (hereinafter called "CWCB"). <br /> 2) EFFECTIVE DATE AND ENFORCEABILITY <br /> This AMENDMENT shall not be effective or enforceable until it is approved and signed by the <br /> Colorado State Controller or designee (hereinafter called the "EFFECTIVE DATE"), but shall be <br /> effective and enforceable thereafter in accordance with its provisions. <br /> 3) FACTUAL RECITALS <br /> The Borrower was approved for a loan, from the CWCB, in November 2006 to finance the Raw <br /> Water Acquisition and Utilization Project (PROJECT). Amendment 1 increased the final loan amount to <br /> $9,763,670.00. The PROJECT was substantially completed as of October 1, 2015. The Parties agree to <br /> amend the contract to reduce the final loan amount. The total amount disbursed under this contract <br /> was $8,615,683.54. An adjustment of$1,147,986.46 will be made to the contract for the funds no <br /> longer needed, with an additional adjustment of$200,000 for funds pre-paid by the Borrower. The <br /> revised Loan Contract amount is $8,415,683.54. <br /> 4) CONSIDERATION <br /> Consideration for this AMENDMENT to the ORIGINAL CONTRACT consists of the payments that shall be <br /> made pursuant to this AMENDMENT and ORIGINAL CONTRACT and the promises and agreements herein <br /> set forth. <br /> The Parties acknowledge that the mutual promises and covenants contained herein and other good <br /> and valuable consideration are sufficient and adequate to support this AMENDMENT. <br /> 5) LIMITS OF EFFECT <br /> This AMENDMENT is incorporated by reference into the ORIGINAL CONTRACT. The ORIGINAL <br /> CONTRACT and all prior amendments thereto, if any, remain in full force and effect except as <br /> specifically modified herein. <br /> 6) MODIFICATIONS <br /> The ORIGINAL CONTRACT No. CT2015-040 and all prior amendments thereto, if any, are modified as <br /> follows: <br /> a) Amend the contract to reduce the final loan amount. The loan contract was substantially <br /> completed as of October 1, 2015. The revised total amount for this Loan Contract is <br /> $8,415,683.54. <br /> b) The BORROWER agrees that it shall execute the following documents, all of which shall set forth <br /> the revised loan amount of$8,415,683.54: <br /> I. AMENDMENT TO THE PROMISSORY NOTE, APPENDIX A-1, AMENDMENT NO. 2 TO LOAN <br /> CONTRACT NO. CT2015-040, in the amount of$8,415,683.54 and incorporated herein, which <br /> Amendment 2 <br /> Page 1 of 3 <br />