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SECTION 5 - ScHEDULE OF ExISTING DEBT Existing debt (five loans from the CWCB): (1) Loan Contract C153715 dated March 14, 1996 (amended June 27, 1996; December 2, 1996; April 9, 1997; May 28, 1997; and March 10, 2001). in the original principal amount of $3,688,567.74, (2) Loan Contract C153678 dated May 11, 1994, in the original principal amount of $65,000, (3) Loan Contract C153756 dated September 18, 1997. in the original principal amount of $65,000, (4) Loan Contract C153768 dated May 28, 1997 (amended May 17, 1999, January 14, 2000, and March 10, 2001), in the original principal amount of $1,875,583.50, and (5) Loan Contract C150150 dated January 1, 2004, in the original principal amount of $2,272,500 . SECTION 6 - COLLATERAL The collateral provided for this loan, as evidenced by the executed Deed of Trust, attached as Appendix 5 and incorporated herein, shall be an undivided 40.5% interest in 14.25 cubic feet per second of a total of 28.50 cubic feet per second decreed to the Keesee Ditch by the Bent County District Court and one-half of the BORROWER'S right, title and interest, including contract rights, to the Keesee storage account in John Martin Reservoir, as more completely described in the attached Deed of Trust ("Collaterar). SECTION 7 - ADDmONAL CONDITIONS & CONTRACT REQUIREMENTS The CWCB's approval of its loan to the BoRROWER included the following condition: If any water rights purchased with CWCB loan funds are sold in whole or in part, the proceeds generated from that sale in excess of the expenses of the sale shall be applied to the remaining balance of the CWCB loan within 6 months of the date of sale. Annual payments shall remain unchanged unless the Contract is amended. Section &-CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE PROJECTS A. The BORROWER has submitted to the CWCB a written appraisal of value from a qualified water rights appraiser supporting the purchase price prior to disbursal of loan funds. B. The BORROWER shall pay all of the expenses related to the PROJECT when such bills are due. SECTION 9 - ELIGIBLE ExPENSES FOR WATER PURCHASE PROJECTS. A. Engineering associated with the feasibility report prepared as a requirement for this loan and associated with evaluating the suitability of the water rights for purchase by the BORROWER. B. Interest during completion of the PROJECT pursuant to Paragraph A.4 herein. C. Legal services for reviewing engineering services contracts and this Contract. D. Purchase of the water rights. Section 10 - DISBURSEMENT ScHEDULE Appendix 1 to Loan Contract C150258 Page 2 of 3