C150200 Contract

• Contract/PO #: C150200
• Contractor Name: Sheek Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

BORROWER: SHEEK DITCH COMPANY Agency Name: Water Conservation Board
Contract No. C150200 Agency Number PDA
Original Loan Amount $427,200 Routing Number: 08 PDA 000 '7
Adjustment (Decrease): $319,572.94
Adjusted Loan Amount $107,627.06
LOAN CONTRACT AMENDMENT NO.1
(STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 10, 2003)
This Amendment, made this February 29, 2008, by and between the State of
Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
Conservation Board ( "CWCB "), and the Sheek Ditch Company, P.O. Box 308, Mancos, CO
81328, a Colorado nonprofit corporation ( "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 C150200.
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 C150200,
dated August 8, 2005 ( "ORIGINAL CONTRACT "), incorporated herein by reference,
wherein the CWCB agreed to loan money in the total amount up to $427,200, and the
BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL
CONTRACT.
D. The project financed with the loan proceeds was substantially complete as of March 1,
2007, and of the $427,200 loan amount available, the BORROWER used only
$348,867.46.
E. On March 1, 2007, the BORROWER made a payment of $241,240.40. Said payment
was applied to principal reduction, leaving a final loan amount of $107,627.06.
F. The parties agree to amend the contract to reduce the final loan amount to
$107,627.06.
NOW THEREFORE, it is hereby agreed that
1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments
that shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the
promises and agreements herein set forth.
2. It is expressly agreed by the parties that this Amendment is supplemental to the
ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless
specifically modified herein, are to apply to this Amendment as though they were
expressly rewritten, incorporated, and included herein.
3. The BORROWER agrees that it shall execute the following document, all of which shall
set forth the revised loan amount of $107,627.06:
Loan Contract C150200 Amendment No. 1
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