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<br />.. <br /> <br />RESOLUTIONS OF THE SHAREHOLDERS <br />OF SHULTZ FARM, INC. <br /> <br />The Shareholders of Shultz Farm, Inc. (Company), at a Shareholders' meeting <br />held December 24 ,200~, at Milliken, Colorado, adopted the following <br />resolutions concerning a secured loan from the State of Colorado Water Conservation <br />Board (CWCB), for the purpose of rehabilitation of the Hill Lake, in the amount of <br />$400,000 or such actual amount, more or less, as may be needed by the Company and <br />available from the CWCB for up to 90% of the actual project costs. <br /> <br />At said meeting, the Shareholders charged that these resolutions are <br />irrepealable during the term of the loan and, pursuant to the Company's bylaws, <br />authorized the Board of Directors and officers, RESOLVED as follows: <br /> <br />1. to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $400,000, or such actual amount, <br />more or less, as needed to finance up to 90% of the project costs, and <br /> <br />2. to make the annual payments required by the promissory note and to make annual <br />deposits to a debt service reserve fund, and <br /> <br />3. to pledge certain property of the Company as collateral for the loan and execute a <br />deed of trust to convey a security interest in said property to the CWCB, and <br /> <br />4. to execute all documents as required by the loan contract, including, but not limited <br />to, a Promissory Note, and <br /> <br />5. to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, <br />HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS <br />DULY ADOPTED AT A MEETING OF THE COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS <br />ABOVE RECITED, PUr~.sUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE <br />NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 9th . DAY OF January <br />200 3. <br /> <br />(SEAL) <br /> <br />By <br /> <br /> <br />ATTEST: <br /> <br />By' 40~~~~ <br /> <br />Darlene Shultz <br /> <br />Appendix 3a. to Loan Contract C150124 <br />