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BORROWER: STAGESTOP OWNERS Agency Name: Water Conservation Board <br />ASSOCIATION Agency Number PDA <br />Contract No. C150310 <br />Original Loan Amount: $192,708 <br />Adjustment (Decrease): $78,466.65 <br />Adjusted Loan Amount: $114,241.35 <br />LOAN CONTRACT AMENDMENT NO.1 <br />(STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 10, 2003) <br />This Amendment, made this May 9, 2011, by and between the State of Colorado <br />for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board ( "CWCB "), and the Stagestop Owners Association, 493 Stagestop <br />Road, SS D -5, Jefferson, CO 80456, a Colorado nonprofit corporation ( "BORROWER" or <br />`CONTRACTOR "). <br />FACTUAL RECITALS <br />A. Authority exists in the law, and funds have been budgeted, appropriated, and otherwise <br />made available for payment in Contract Encumbrance Number C150310. <br />B. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br />C. The CWCB and the BORROWER entered into Contract Encumbrance Number C150310, <br />dated August 22, 2010 ( "ORIGINAL CONTRACT "), incorporated herein by reference, <br />wherein the CWCB agreed to loan money in the total amount up to $192,708, and the <br />BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL <br />CONTRACT. <br />D. The project financed with the loan proceeds was substantially complete as of February <br />1, 2011, and of the $192,708 loan amount available, the BORROWER used only <br />$127,741.35. <br />E. In addition, BORROWER made a principal pre - payment in the amount of $13,500, leaving <br />a loan amount of $114,241.35. <br />F. The parties agree to amend the contract to reduce the final loan amount to <br />$114,241.35. <br />NOW THEREFORE, it is hereby agreed that <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />that shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the <br />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 />Loan Contract C150310 Amendment No. 1 <br />Page 1 of 5 <br />