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interest in the foilowing: (1) approximately 196 acres consisting of the Owl Creek <br />Reservoir and surrounding property and (2) the water and storage rights associated with <br />the Owl Creek Reservoir. The collateral shall be evidenced by an executed deed of trust, <br />attached hereto as Appendix 4 and incorporated herein. <br />SECTION 6— ADDITIONAL CONTRACT REQUIREMENTS <br />No additional contract requirements imposed by the CWCB. <br />SECTION 7— CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BoRROwER shall employ an engineer, registered in the state of Colorado to prepare <br />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 CWCB staff for verification of compliance with <br />the terms of this Contract when available prior to bidding. Any modificatiorrs to the <br />plans and specifications must be approved in writing by the CWCB staff. <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § <br />37-87-105 C.R.S., the BoRROwER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br />D. CWCB staff must be present at bidding and must approve the award of the construction <br />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 mus# provide a copy of the executed construction contract documents <br />consisting of the contractor's proposal, construction contract, performance bond, <br />payment bond, notice of award, notice to proceed, sample change order, and sample <br />field order, as well as the advertisement for bid and bid bond at bidding. After the <br />CWCB staff_ v_erifies_ that these documents comply with_ the_ t�rms. af_._this__c�antract,_'the <br />BoRROwER may issue the notice to proceed to the Construction Firms. <br />G. The BoRROwER shall conduct a pre-construction conference at which time the CWCB <br />staff shall have the opportunity to review and approve the construction schedute. <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 the <br />CWCB staff. " <br />I. The BoRROwER shall construct the PRO�ECT in accordance with the approved plans and <br />specifications. <br />J. Upon completion of the PRO�ECT construction, the BoRROwER shall provide as-built <br />drawings of the PRO�ECT to the CWCB staff, or, if required by § 37-87-105, C.R.S., the <br />BORROWER shall provide the as-built drawings to the State Engineer's Office for <br />approval and filing. <br />K. Upon completion of the PRO�ECr construction, the BoRROwER shall arrange a final <br />inspection for the CWCB staff. <br />L. The BoRROwER shall pay all of the expenses related to the PRO�ECT when such bills are <br />due. <br />Page2of3 <br />