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C153742 Contract
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C153742 Contract
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Last modified
3/4/2014 3:40:15 PM
Creation date
10/6/2006 12:05:43 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153742
Contractor Name
Beaver Park Water, Inc.
Contract Type
Loan
Water District
12
County
Fremont
Bill Number
SB 94-029
Loan Projects - Doc Type
Contract Documents
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BORROWER: BEAVER PARK WATER, INC. Agency Name: Water Conservation Board <br /> Contract No. C153742 Agency Number PDA <br /> Original Loan Amount $975,000 CMS# 3 615 <br /> LOAN CONTRACT AMENDMENT No. 2 <br /> (STANDARD CONTRACT—WAIVER#160—APPROVED NOVEMBER 10, 2003) <br /> This Amendment, made this September 13, 2011, by and between the State of <br /> Colorado for the use and benefit of the Department of Natural Resources, Colorado <br /> Water Conservation Board ("CWCB"), and Beaver Park Water, Inc., a Colorado mutual <br /> ditch company ("BORROWER" or `CONTRACTOR"). <br /> FACTUAL RECITALS <br /> A. Authority exists in the law, and funds have been budgeted, appropriated, and <br /> otherwise made available for payment in Contract Encumbrance Number C153742. <br /> B. Required approval, clearance, and coordination have been accomplished from and <br /> with appropriate agencies. <br /> C. The CWCB and the BORROWER entered into Contract Encumbrance Number <br /> C153742, dated November 12, 1996 and amended April 18, 1997 ("ORIGINAL <br /> CONTRACT"), incorporated herein by reference, wherein the CWCB agreed to loan <br /> money in the total amount up to $975,000, and the BORROWER agreed to repay the <br /> loan in accordance with the terms of the ORIGINAL CONTRACT. As of June 30, 2011, <br /> the remaining principal balance of the loan is $641,133.28. <br /> D. Borrower currently has multiple loans with the CWCB for improvements to its water <br /> supply system that are secured by quit claim deed, warranty deed and/or deed of <br /> trust, as illustrated in the table attached hereto as Appendix A, Beaver Park Water <br /> Loans Summary. Borrower has requested that the CWCB re-convey back to the <br /> Borrower the collateral that is being held for Loan Contracts C153355, C153320, <br /> C153333, C153438 and C153501 via Bargain and Sale Deed, so that the Borrower <br /> may then sell certain water storage space in Brush Hollow Reservoir to Penrose <br /> Water District. <br /> E. CWCB consents to the request to re-convey the collateral under the condition that <br /> Borrower provides as substitute collateral for Loan Contracts C153355, C153320, <br /> C153438, C153333 and C153501 the Brush Hollow Dam and Reservoir, which is <br /> already encumbered by the CWCB with a Deed of Trust for this Loan Contract <br /> (C153742) in the amount of$975,000. <br /> F. The parties agree to amend this contract and Loan Contracts C153355, C153320, <br /> C153438, C153333 and C153501 to reflect the substitute collateral, and to amend the <br /> Deed of Trust to reflect the additional loan contracts and promissory notes secured by <br /> the instrument. <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 /> Page 1 of 5 <br />
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