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<br />SECTION 6 - COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced and more particularly described by <br />the executed Security Agreement and Deed of Trust, in the form attached as <br />Appendices 4 and 5 and incorporated herein, shall be (1) an undivided one hundred <br />percent (100%) interest in approximately 128 contiguous acres (122 acres irrigated) <br />owned by Michael J. and Tamara R. Goss; (2) a 14% interest in augmentation benefits <br />generated by the PROJECT, and (3) a 14% interest in the PROJECT, including the <br />recharge well, pipe, pipeline appurtenances, and related easements and rights-of-way. <br /> <br />SECTION 7 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> <br />A. The value of the collateral will be equal or greater in value than the CWCB loan <br />amount as established by a Colorado Certified General Appraiser in compliance <br />with CWCB Loan Policy No.5. BORROWER submitted an appraisal dated <br />December 6, 2004, by Lee W. O'Neil, Certified General Appraiser (Colo. Lic. No. <br />CG40032644), Donna L. Shaver, Licensed Appraiser (Colo. Lic. No. AL40032644), <br />and Shelly Ponce, Registered Appraiser (Colo. Lic. No. AR40038901), O'Neil & Co., <br />Brush, Colorado, for the property pledged as collateral for this loan, establishing the <br />value of the collateral at $231,000. <br /> <br />B. The principals of the Borrower shall personally, jointly, and severally guarantee <br />repayment of the loan, as evidenced by the Limited Personal Guarantee, attached <br />as Appendix 6. <br /> <br />SECTION 8 - CONSTRUCTION FUND PROGRAM PROCEDURES <br /> <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br /> <br />B. The BORROWER'S 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 /> <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by <br />937-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br /> <br />D. CWCB staff must be present at bid opening and must approve the award of the <br />construction contract. <br /> <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 /> <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 /> <br />Appendix 1 to Loan Contract C150191 <br />Page 2 of 4 <br />