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to exceed 90% of the cost of the PROJECT, with a loan origination fee of 1% in accordance <br />with CWCB Policy No. 16, at an interest rate of 2.50% per annum for a repayment term of <br />20 years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />SECTION 6 - COLLATERAL <br />The collateral provided for this loan, as evidenced by the executed Deeds of Trust, in the <br />form attached as Appendix 5, 6 and 7 and incorporated herein, shall be a first- position <br />lien on the water rights for Orlando Reservoir #2, the Orlando Reservoir #2 itself, and 1,200 <br />acres of irrigated farm land, as more particularly described in the attached Deeds of Trust <br />( "Collateral "). <br />SECTION 7 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />1. Two Rivers Water Company, TRWC, Inc. and Two Rivers Farms F -2, LLC will <br />provide an annual report, due each January, documenting the prior year's water <br />use. If the Orlando- Bradford system water rights are used for non - agricultural <br />purposes, the CWCB will have the option of adjusting the interest rate to the <br />current commercial interest rate of 6.25 %. <br />2. CWCB has added two of BORROWER's wholly -owned subsidiaries as co- signors on <br />the loan contract documents because the subsidiaries own the property that is <br />being used as collateral for the loan pursuant to the LOAN CONTRACT and the <br />Deeds of Trust attached hereto. <br />SECTION 8 — 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 PROJECT. <br />B. The BORROWER's and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance <br />with the terms of this Contract when available prior to bidding. Any modifications to <br />the 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 bid opening 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 />Appendix 1 to Loan Contract C150328A <br />Page 2 of 4 <br />