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LOAN CONTRACT Lower Arkansas Water Management Association Feasibility Study PAID IN FULL 6f. (No Prepayment Penalty): The Borrower may prepay the loan in full at any time, at the Borrower's option, for which there shall be no prepayment penalty. 6g. (Make Advanced Principal Payments without Penalty): The Borrower has the right to prepay any part of the principal at any time without penalty. In the event of any prepayment, this Contract shall not be treated as in default with respect to payment so long as the unpaid balance of principal and interest is less than it would have been had the periodic payments been made as stated above. 6h. (Not Sell or Convey any Collateral until the Loan is Repaid): The Borrower shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the collateral for this loan, or any portion thereof, or the assessment revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by the Promissory Note of the contract remain unpaid, without the prior written concurrence of the State. 7. (DEED OF TRUST PROVISIONS): 7a. (Security for the Loan): As security for the loan to be made to it by the State, the Borrower has executed a deed of trust as shown in Appendix D. The security provided therein shall be an undivided one hundred percent (100%) interest in the following: ALL WATER RIGHTS, LAND, AND FACILITIES OWNED BY THE BORROWER AND ASSOCIATED WITH THE FOLLOWING WELLS: NAME Flint Well No.1 Flint Well No.2 Kelly Well Baxter Well State Well Crum Well Hardin Well Hammit Well NUMBER 24158-RF 24467-F 019743-F 019794-F 20725-F 019793-F 019792-F 10243-F LEGAL DESCRIPTION NEl/4 NEl/4 SEC 10 T23S R43W NWl/4 NEl/4 SEC 10 T23S R43W NEl/4 NWl/4 SEC 25 T22S R44W NWl/4 NWl/4 SEC 9 T23S R42W SEl/4 SEl/4 SEC 3 T23S R43W NWl/4 SEl/4 SEC 10 T23S R42W NWl/4 NWl/4 SEC 11 T23S R43W NEl/4 NWl/4 SEC 14 Tns R43W ALL OF THE 6TH P.M., PROWERS COUNTY,COLORADO Page 5 of 12 Pages