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The collateral provided for this loan, as evidenced by the executed Deed of Trust, in the form attached as Appendix 5 and incorporated herein, shall be an undivided one hundred percent (100%) interest in the Borrower's interest in the Project, including approximately 4,800 feet of pipeline and associated access easements, as more particularly described in the attached Deed of Trust ("Collateral"). SECTION 7— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS Within six (6) months of substantial completion of the Project, Borrower shall make a principal payment to the CWCB of at least $126,000, and the CWCB and BoRROwER shall amend the Loan Contract to reflect the remaining balance, a final loan amount not to exceed $136,600. SECTION 8— CONSTRUCTION FUND PROGRAM PROCEDURES A. The BoRROwER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PRO�ECT. B. ThG' BORROWER and the Engineering Consultant's Agreements and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this Contract when available prior to bidding. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 C.R.S., the BoRROwER shall provide a letter of approval from the State Engineer's Office prior to construction. D. CWCB staff must be present at bid opening and must approve the award of the construction contract. E. The BoRROwER shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be selected by the BoRROwEtz and found acceptable by the CWCB staff. F. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that these documents comply with the terms of this contract, the BoRROwER may issue the notice to proceed to the Construction Firms. G. The BORROWER Shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. H. If the CWCB staff determines that the PRO�ECT requires a resident inspector during construction, the BoRROwER shall employ an inspector who has been approved by the CWCB staff. I. The BoRROwER shall construct the PRO�ECT in accordance with the approved plans Appendix 1 to Loan Contract C150270 Page 2 of 4