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<br />loan is September 1,2007. A second loan in the amount of $626,570 was also obtained from <br />the New Frontier Bank in May 2007 for the purchase of the Dejong Farm water rights. The <br />amount of this loan is $626,570 and the maturity date is November 15, 2007. Both of these <br />short-term loans total $2,778,813, of which $1,575,000 and $441,525 (total of $2,016,525) <br />will be paid off by the CWCB loan and LLRC funds, leaving $762,288 to be continued to be <br />financed by New Frontier Bank. <br /> <br />SECTION 6 - COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, in <br />the form attached as Appendix 5 and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in water rights consisting of 6 shares of the Lower <br />Latham Ditch Company, as more particularly described in the attached Deed of Trust <br />("Collateral"). <br /> <br />SECTION 7 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> <br />No additional conditions or contract requirements <br /> <br />SECTION 8 - CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE PROJECTS <br /> <br />A. The BORROWER must submit a written appraisal or opinion of value from a qualified <br />water rights appraiser supporting the purchase price prior to disbursal of loan funds. <br /> <br />B. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br /> <br />C. 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 />D. For plans and specifications for all jurisdictional dams and reseNoirs, 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 />E. CWCB staff must be present at bid opening and must approve the award of the <br />construction contract. <br /> <br />F. 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 />G. 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 />Construction Firms. <br /> <br />H. The BORROWER shall conduct a pre-construction conference at which time the <br /> <br />Appendix 1 to Loan Contract C150253 <br />Page 2 of 4 <br /> <br />, <br />