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the Deed of Trust, attached as Appendix 3 and incorporated herein. The Owners <br />of Record of said property, namely Bill Porter and the B.F. and M.E. Porter, LLLP, <br />agreed to pledge this property as collateral and have executed the deed of trust. <br />The description of the collateral is an undivided one hundred percent (100%) <br />interest in (1) the Barton Porter Reservoir located in the SW/4 of Section 15, <br />Township 6 South, Range 90 West of the 6 Principal Meridian, GarField County, <br />Colorado, (2) the water rights to fill the reservoir, and (3) an access easement to <br />the reservoir, all more particularly described in the attached Deed of Trust <br />("Collateral"). The deed of trust shall identify the LoaN AMOUNr. If the amount of <br />loan funds disbursed by the CWCB to the BoRROwER differs from the Loarv AMOUNT, <br />the Deed of Trust shall be amended. <br />SECTION 6— SCHEDULE OF EXISTING DEBT <br />The BoRROwER has a line of credit in the amount of $400,000 and a construction <br />loan in the amount ofi $200,000 with the Alpine Bank ("Bank"), with the Barton Porter <br />Reservoir as collateral. The Bank has agreed to release the collateral upon <br />repayment of the outstanding loan amount, and the BoRROwER will repay the Bank's <br />loan upon completion of the PRO�ECT. <br />SECTION 7— ADDITIONAL CONTRACT REQUIREMENTS <br />No additional Board requirements. <br />SECTION 8— CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER Shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PRO�ECT. <br />B. The BORROWER and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance <br />with the terms of this Contract when available prior to bidding. Any modifications to <br />the plans and specifications must be approved in writing by the CWCB staff. <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by <br />§ 37-87-105 C.R.S., the BoRROwER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br />D. CWCB staff must be present at bidding and must approve the award of the <br />construction contract. <br />E. The BoRROwER shall contract for the construction of the work with responsible and <br />capable Construction Firms, which said Construction Firms shall be selected by the <br />BoRROwER and found acceptable by the CWCB staff. <br />F. The BORROWER must provide a copy of the executed construction contract <br />documents consisting of the contractor's proposal, construction contract, <br />perFormance bond, payment bond, notice of award, notice to proceed, sample <br />change order, and sample field order, as well as the advertisement for bid and bid <br />bond at bidding. After the CWCB staff verifies that these documents comply with <br />the terms of this contract, the BoRROwER may issue the notice to proceed to the <br />Construction Firms. <br />G. The BORROWER shall conduct a pre-construction conference at which time the <br />CWCB staff shall have the opportunity to review and approve the construction <br />Page 2 of 3 <br />