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<br />the form attached as Appendix 5 and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in the replacement water well, the parcel of land <br />containing the replacement water well, and all related appurtenances, as more <br />particularly described in the attached Deed of Trust ("eollateral"), attached as <br />Appendix 5. <br /> <br />SECTION 7 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> <br />In the event that the BORROWER amends Article VIII, Section 7.7 of its By-Laws to <br />remove the BORROWER'S right to file liens and foreclose on shareholder lots for <br />delinquency in payment of assessments (the "By-Law Amendment"), any outstanding <br />principal and interest due under the terms of this Contract shall become due and payable <br />in full on the date of the By-Law Amendment. <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 />S 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 /> <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 />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 />eonstruction Firms. <br /> <br />G. The BORROWER shall conduct a pre-construction conference at which time the <br />eWeB staff shall have the opportunity to review and approve the construction <br />schedule. <br /> <br />H. If the CWCB staff determines that the PROJECT requires a resident inspector during <br />construction, the BORROWER shall employ an inspector who has been approved by <br />the eWeB staff. <br /> <br />Appendix 1 to Loan Contract C150218 <br />Page 2 of 3 <br />