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Loan Contract No. <br />Contract Date <br />Interest <br />Rate <br />Term <br />Principal Balance <br />Remaining <br />C153332 <br />September 15, <br />1980, as amended <br />3.00% <br />40 Years <br />$ 224,423.63 <br />C153606 <br />February 14, 1992 <br />5.00% <br />40 Years <br />$1,297,060.06 <br />C150171 <br />April 1, 2004 <br />2.50% <br />30 Years <br />$ 203,237.45 <br />Total Principal <br />$1,724,721.14 <br />The Promissory note, attached as Appendix 2 to the Loan Contract, reflects Borrower's <br />obligation to repay these existing loans referenced in the amounts above as well as the <br />new loan of $1,000,000. <br />SECTION 6 - COLLATERAL <br />The collateral provided for this loan, as evidenced by the executed Deeds of Trust, in <br />the form attached as Appendix 5 and Appendix 6 and incorporated herein, shall be <br />the Terrace Reservoir and associated water rights, as more particularly described in <br />the attached Deeds of Trust ( "Collateral "). <br />SECTION 7 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />Should the Project fail to reach substantial completion before expiration of the Time <br />for Performance pursuant to Section 11 herein, the Borrower will initiate repayment at an <br />interest rate of 4.15% in lieu of 1.75 %. <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 />Appendix 1 to Loan Contract C160332 <br />Page 2 of 4 <br />