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SECTION 6 - COLLATERAL The collateral provided for this loan, as evidenced by the executed Deeds of Trust, attached as Appendix 3a and 3b, and a Security Agreement attached as Appendix 3c, shall be an undivided one hundred percent interest in: (1) Hettinger Farm Recharge (land consisting of approximately 89 acres and water recharge credits generated by the Farmers Pawnee Canal Company), and (2) Bundy Farm (150 acres irrigated), as more particularly described in the attached Deeds of Trust (Collateral"). SECTION 7 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS The value of the collateral will be equal or greater in value than the CWCB loan amount as established by a Colorado Certified General Appraiser in compliance with CWCB Loan Policy No.5. BORROWER submitted two Uniform Agricultural Appraisal Reports prepared by Kirk Lieurance, ARA, of Fort Morgan, Colorado, for the two properties pledged as collateral for this loan, establishing the combined value of the collateral at $352,000. SECTION 8 - 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 CWCB staff 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 S 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 bid opening 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 bcnd at bidding. After the CWCB staff verifies 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 Page 2 of 3