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C COPY <br /> CONTRACT AMENDMENT <br /> Amendment#1 Original Loan Contract Amendment CMS # 51831 <br /> CMS #28081 Contract#C150314 <br /> 1) PARTIES <br /> This AMENDMENT to the above-referenced Original Loan Contract (hereinafter called the CONTRACT) is <br /> entered into by and between Farmers' High Line Canal and Reservoir Company, 725 Malley Drive, <br /> Northglenn, CO 80233, a Colorado nonprofit corporation (hereinafter called "BORROWER" or <br /> "COMPANY"), and the STATE OF COLORADO (hereinafter called the "STATE")acting by and through <br /> the Department of Natural Resources, Colorado Water Conservation Board, (hereinafter called <br /> "CWCB"). <br /> 2) EFFECTIVE DATE AND ENFORCEABILITY <br /> This AMENDMENT shall not be effective or enforceable until it is approved and signed by the Colorado <br /> State Controller or designee (hereinafter called the "EFFECTIVE DATE"), but shall be effective and <br /> enforceable thereafter in accordance with its provisions. <br /> 3) FACTUAL RECITALS <br /> The Parties entered into the CONTRACT for the construction of the System Rehabilitation Project <br /> located in Jefferson and Adams Counties, hereinafter referred to as the PROJECT, at an estimated <br /> total cost of$1,410,768. The PROJECT involves the rehabilitation of the COMPANY'S 130-year-old canal <br /> system. The COMPANY is requesting a loan increase due to the result of three contractor bids <br /> exceeding the engineer's estimated project cost. Unforeseen site conditions have been attributed to <br /> an increase in the cost of concrete and rip-rap material costs, bonding and insurance expenses, <br /> demolition, earthwork, dewatering and equipment (slide gates and SCADA elements) price and <br /> installation expenses. At the November 6, 2012 meeting, the CWCB approved an increase of 798,829 <br /> amending the total loan amount from $1,410,768 to $2,209,597. <br /> H.B.00-1419, Section 1(2) provides that the CWCB may increase authorized loan amounts as may be <br /> justified by "reasons of ordinary fluctuations in construction costs as indicated by the engineering cost <br /> indices applicable to the types of construction required for each project or as may be justified by <br /> reason of changes in the plan for a project due to differing or unforeseen site conditions, errors or <br /> omissions in the plans and specifications, changes instituted by regulatory agencies, or changes in <br /> material quantities beyond contract limits." <br /> 4) CONSIDERATION <br /> Consideration for this AMENDMENT consists of the payments to be made hereunder and the <br /> obligations, promises, and agreements herein set forth. <br /> 5) LIMITS OF EFFECT <br /> This AMENDMENT is incorporated by reference into the CONTRACT, and the CONTRACT and all prior <br /> amendments thereto, if any, remain in full force and effect except as specifically modified herein. <br /> 6) MODIFICATIONS. <br /> The Original Loan Contract Number C150314 and all prior amendments thereto, if any, are modified <br /> as follows: <br /> a) An increase to this loan by $798,829, for a total loan amount of up to $2,209,597. The loan <br /> terms shall remain thirty(30) years at an interest rate of 4.65% per annum. <br /> b) The BORROWER has adopted a resolution, irrepealable for the term of this loan, authorizing the <br /> BORROWER to enter into this AMENDMENT to borrow the additional $798,829. The security for <br /> the loan will remain a pledge of all revenues derived from assessments on stock and all of <br /> Borrower's right to receive said assessment revenues to repay the loan, annual financial <br /> reporting, and an undivided one-hundred percent (100%) interest in the Company's main <br /> diversion structure located on Clear Creek. Said resolution is attached as Attachment A. <br /> Page 1 of 3 <br /> Effective Date:1/6/09 <br />