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I c I I I I I I I I I I I I I I I I I I Funding Agreement ~ c--- 4/-r- ., /()~ This Agreement is made this _day of 2005, between The Carpenter and Mitchell Ditch Company (the Company), a Colorado corporation, and the undersigned members of the Company, (the Funding Members). Whereas, The Bylaws of the Company require that liThe Company may not undertake additions and/or improvements to the Ditch without approval in advance by the Membership. The Membership shall be presented with a written resolution defining the addition and/or improvement to be voted on and also presented with a Funding Agreement signed by the Member or Members that agree to pay for the addition and/or improvement, if approved by the Membership. The Funding Agreement shall set forth details of the proposed work, the estimated cost of the work, the method for sharing the cost, including any overruns that may occur, and the proposed schedule for conduct of the work by the Company" I and Whereas, The Natural Resource Conservation Service of the US Department of Agriculture has included the Ditch in the Mancos Valley Salinity Control Project and the Company and NRCS have entered into a Conservation Program Application/Contract (the Contract) under which the Company could become eligible for funding and other assistance to upgrade the Ditch to a pipeline, and Whereas, The undersigned Funding Members desire that the Company accept the NRCS proposal for the pipeline to be installed in the Ditch for delivery of irrigation water to the Members of the Company and receive the design assistance and 750/0 co-funding offered by NRCS, and Whereas, The Colorado Water Conservation Board (the CWCB) has committed to make a loan to the Company to finance the Company's share of cost for the pipeline to be installed by NRCS, and