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<br />condition and operations. See attachment. Or if part of the Feasibility Study, see that <br />document's contents. <br /> <br />CWCB Construction Fund Loan Application <br /> <br />1. List any existing long-term liability (multi-year) or indebtedness that exceeds <br />one thousand dollars. For example, bank loans, government agency loans, <br />bond issues, accounts payable, etc. Include names and addresses of lenders, <br />amounts, due dates and maturity dates. Attach a separate schedule, if <br />needed. We currently have no debts. <br /> <br />2. Are any of the above liabilities now in default, or been in default at any time <br />in the past? YES_NO -L. If YES, please give detailed explanation. <br /> <br />3. Please provide a brief narrative description of sources of funding, in addition <br />to the CWCB, which have been explored for this project (Examples would be <br />Banks, USDA Rural Development, NRCS, Colorado Water Resources and <br />Power Development Authority, Colorado Division of Local Government, <br />etc.). <br /> <br />In addition to CWCB we've contacted about 5 or 6 local banks and CoBank. <br />Among them, the best terms we could find was $50,000.00 for 10 years at 7.5% <br />with a 1.0% origination fee. <br /> <br />4. What collateral will you be offering for this loan? Possibilities include a <br />pledge of revenues, the project itself, real estate, water rights. <br /> <br />For collateral we intend to offer our three water rights, and we pledge up to <br />$50.00 per share special assessment each year until the loan is paid. <br /> <br />The above statements are true, to the best of my knowledge: <br /> <br />Signature of Applicant <br /> <br />Printed Name Norman M. (Greg) Carter Jr. <br />Title President <br />Date January 23, 2008 <br /> <br />Loveland Lake and Ditch Company <br />Inlet Structure Upgrade Feasibility Study <br />February 1,2008 <br /> <br />33 of 47 <br />