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. � BORROWER: SUMMIT RESERVOIR AND IRRIGATION COMPANY Contract No. C153770 Original Loan Authorization $600,000 Originai Loan Amount $200,000 First Amended Loan Amount $300,000 Second Amended Loan Amount $300,000 � Agency Name: Water Conservation Board Agency Number PDA Routing Number: 06 PDA ��d 7/ LOAN CONTRACT AMENDMENT NO. 2 (STANDARD CONTRACT — WAIVER #160 — APPROVED NOVEMBER 1 O, 2003) This Amendment, made this March 15, 2006, by and befinreen the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), and Summit Reservoir and Irrigation Company, P.O. Box 127, Dolores, CO 81323, a Colorado nonprofit corporation (" BORROWER " or " CONTRACTOR "). FACTUAL F�ECITALS A. B. C. D. E. F. Authority exists in the law, and funds have `been budgeted, appropriated, and otherwise made available for payment in Contract Encumbrance Number C153770. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. The CWCB and the BORROWER entered into Contract Encumbrance Number C153770, da#ed August 14, 1997, and amended on May 1, 2002 (" ORIGINAL CONTRACT incorporated herein by reference, wherein the CWCB agreed to loan money in the total amount up to $300,000, and the BoRROwER agreed to repay the loan in accordance with the terms of the ORi�itva� CorvTRacT. The Promissory Note dated May 1, 2002, contains a typographical error in Paragraph 1. The Promisso Note stated that the principal sum was for "Six Hundred Thousand Dollars (�300,000)." The correct principal sum was, and remains, 7hree Hundred Thousand Dollars ($300,000). By letter dated May 17, 2005, the BoRROwER has requested an extension in the time the CWCB has allowed for completion of the Project. The CWCB has reviewed the BoRROwER's request and has agreed to amend this contract extend the time for completion of the project to December 31, 2006. 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 the ORi�irva� CoNTRa,cT and the promises and agreements herein set forth. 2. The BoRROwER agrees that it shall execute the following document, which shall set forth the loan amount of $300,000: a. Promissory Note, attached as Appendix A and incorporated herein, which shall replace and supersede the Promissory Note in the amount of "Six Loan Contract C153770 Amendment No. 2 Page 1 of 5