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� <br />� <br />�J <br />SECTION 5 — COLLATERAL <br />� <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />attached as Appendix 3 and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in 640 acres of farmland (500 acres irrigated) <br />located in Section 8, Township 5 North, Range 59 West of the 6"' P.M., Morgan <br />County, Colorado, as more particularly described in the attached Deed of Trust <br />("Collateral"). <br />SECTION 6— ADDITIONAL CONTRACT REQUIREMENTS <br />Value of the 640 acres of property pledged as collateral shall have a value of at <br />least $357,016 based on current land use confirmed by a Certified General <br />Appraiser. The valuation prepared by Gene Watt, a certified general appraiser of <br />Forth Morgan, Colorado, and is incorporated herein by reference. The BoRROwER <br />shall obtain all necessary permits and easements prior to any loan disbursements. <br />SECTION 7— CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BoRROwER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PRO�ECT. <br />B. The BORROWER and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to the staff for verification of compliance <br />with the terms of this Contract whe ' a I p r to bidding. Any modifications to <br />the plans and specifications must � writing by the CWCB staff. <br />C. For plans and specifications for 1' ri '' a and reservoirs, as defined by <br />§ 37-87-105 C.R.S., the BoRR h��� r of approval from the State <br />Engineer's Office prior to cons io . <br />D. CWCB staff must be present at bidding and must approve the award of the <br />construction contract. <br />E. 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 />F. 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 />G. The BORROWER Shall conduct a pre-construction conference at which time the <br />CWCB staff shall have the opportunity to review and approve the construction <br />schedule. <br />H. If the CWCB staff determines that the PRO�ECT requires a resident inspector during <br />construction, the BoRROwER shall employ an inspector who has been approved by <br />the CWCB staff. <br />I. The BoRROwER shall construct the PRO�ECT in accordance with the approved plans <br />and specifications. <br />Page 2 of 3 <br />