AMENDMENT TO THE LONG TERM AGREEMENT
FOR PURCHASE AND SALE OF ELECTRICITY
BETWEEN FAR WEST CAPITAL, INC.
AND SIERRA PACIFIC POWER CO.
AMENDMENT TO THE LONG TERM AGREEMENT
FOR PURCHASE AND SALE OF ELECTRICITY
BETWEEN FAR WEST CAPITAL, INC.
AND SIERRA PACIFIC POWER COMPANY
SECTION PAGE
------- ----
1. Recitals. .......................................... 1
2. Amendment Term. .................................... 1
3. Project Schedule. .................................. 1
4. Status of Amendment. ............................... 2
5. Multiple Originals. ................................ 2
AMENDMENT TO THE LONG TERM AGREEMENT
FOR PURCHASE AND SALE OF ELECTRICITY
BETWEEN FAR WEST CAPITAL, INC.
AND SIERRA PACIFIC POWER COMPANY
THIS AMENDMENT is entered into as of the date of execution by and between
Steamboat Development Corp. a Utah corporation ("Seller") and Sierra Pacific
Power Company, a Nevada corporation ("Sierra"). Seller and Sierra are sometimes
referred to collectively as "Parties".
1. Recitals. This Amendment is based upon the following facts:
a. An Agreement for the Purchase and Sale of Electricity ("Agreement")
was entered into on January 24, 1991, between Far West Capital, Inc. ("Far
West") and Sierra for the purchase of all electricity generated by Far West's
12.0 MW Project located on the Steamboat Springs Known Geothermal Resource Area
in Washoe County, Nevada ("Project").
b. On June 5, 1991, with the consent of Sierra, Far West assigned the
Agreement to Seller.
c. To facilitate the financing of the Project, Seller has requested an
extension of time to meet the Commercial Operation milestone for the Project.
d. Sierra desires to grant Seller an extension of time subject to the
terms and conditions as set forth below.
In consideration of the promises and covenants contained herein, the
Parties agree as follows:
2. Amendment Term. This Amendment shall be effective upon its execution and
shall be coterminous with the Agreement.
3. Project Schedule. Subsection 9.(d) shall be added to the Agreement and
shall read as follows:
"(d) In the event Seller fails to meet the Commercial Operation
milestone, No. 10, in Exhibit O on the date specified, Seller shall pay Sierra
Page 1 10/24/91
$5,000 for each day or portion thereof after 2400 hours of such date. The
payments shall continue until the Commercial Operation . Date or March
1, 1993, whichever occurs first. Payments and xxxxxxxx for such amounts shall be
performed pursuant to Section 13 (c) of the Agreement. If the Project does not
establish a Commercial Operation Date by March 1, 1993, the Agreement shall
terminate as of 2400 hours on March 1, 1993.
4. Status of Amendment. It is expressly understood and agreed by the
Parties hereto that this Amendment is supplemental to the Agreement. It is
further understood and agreed that all the terms, conditions, and provisions of
the Agreement, unless specifically modified herein are to apply to this
Amendment and are made part of the Amendment as though they were expressly
rewritten, incorporated and included herein. In the event there is a conflict
between this Amendment and the Agreement, this Amendment shall control.
5. Multiple Originals. Two (2) copies of this Amendment have been executed
by the Parties. Each executed copy shall be deemed an original.
IN WITNESS WHEREOF, the Parties hereto have executed this Amendment on this
29th day of Oct, 1991.
SELLER: SIERRA:
STEAMBOAT DEVELOPMENT CORP. SIERRA PACIFIC POWER COMPANY
By: /s/ Xxxx X. Xxxxxxxx By: /s/ Xxxxxx Xxxxxxx
------------------------ --------------------
XXXXXX XXXXXXX
Title: Pres. VICE PRESIDENT,
--------------------- ELECTRIC OPERATIONS
[STAMP]
Page 2 10/28/91
