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SECTION 4 . BOARD ApPROVAL At its November 2002, meeting, the CWCB approved a loan to the BORROWER in an amount up to $414,000, not to exceed 90% of the cost of the PROJECT, at an interest rate of 2.50% per annum for a repayment term of 20 years. SECTION 5 - COLLATERAL The collateral provided for this loan, as evidenced by the executed Deed of Trust, attached as Appendix 3 and incorporated herein, shall be an undivided one hundred percent (100%) interest in 260 acres located in Logan County, as more particularly described in the attached Deed of Trust ("Collateral"). SECTION 6 - ADDITIONAL CONTRACT REQUIREMENTS Approval by the CWCB included the condition that the real estate value will be supported by an opinion of value from a certified appraiser. Gregory J. Nienhuser, a certified general appraiser, prepared a market value appraisal report entitled "Stromberger Land and Cattle Co.-LLC Sprinkler Irrigated Cropland" dated March 12, 2003, incorporated herein by reference, which estimated the value of the property at $445,000. SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PROJECT. B. The BORROWER'S and the Engineering Consultant's Agreements and the plans and specifications must be submitted to the CWCBstaff for verification of compliance with the terms of this Contract when available prior to bidding. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by 9 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to construction. D. CWCB staff must be present at bidding and must approve the award of the construction contract. E. The BORROWER shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be selected by the BORROWER and found acceptable by the CWCB staff. F, The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. After the CWCB staff ve'rifies that these documents comply with the terms of this contract, the BORROWER may issue the notice to proceed to the Construction Firms. G. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. H. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, the BORROWER shall employ an inspector who has been approved by the CWCB staff. I. The BORROWER shall construct the PROJECT in accordance with the approved plans and Page 2 of 3