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SECTION 5 — SCHEDULE OF EXISTING DEBT <br />A loan with the Colorado Water Conservation Board, CWCB Loan Contract <br />#C153623 in the original loan amount of $200,000 with a current balance of <br />$64,431 and an annual payment of $16,485.57 and an estimated final payment date <br />of 2016. <br />A loan with the Colorado Water Conservation Board, CWCB Loan Contract <br />#C153755 in the original loan amount of $335,000 with a current balance of <br />$187,644 and an annual payment of $19,900.35 with an annual payment increase <br />to $34,900.35 in 2017 and an estimated final payment date of 2020. <br />SECTION 6 - COLLATERAL <br />The COLLATERAL provided for this loan, as evidenced by the DEED OF TRUST, in the <br />form attached as APPENDIX 5 and incorporated herein, shall be an undivided one <br />hundred percent (100 %) interest in the Sanchez Dam and Reservoir and all <br />appurtenant structures thereto, including all lands on which these facilities are located <br />and as more particularly described in the attached DEED OF TRUST ( "COLLATERAL "). <br />SECTION 7 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />Upon substantial completion of the PROJECT, the Company will pay interest only <br />for the first five years of repayment on the new loan. Principal and interest would <br />be paid over the remaining 25 years. <br />The BORROWER shall make additional principal payments of $5,000 annually to <br />CWCB Loan Contract #C153623. Upon the BORROWER's final payment pursuant <br />to CWCB Loan Contract #C153623, BORROWER shall pay an additional $15,000 <br />annually to CWCB, pursuant to CWCB Loan Contract #C153755. <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. Engineering contracts, plans and specifications must be submitted to the CWCB <br />staff for verification of compliance with the terms of this CONTRACT when available <br />prior to bidding. Any modifications to the plans and specifications must be approved <br />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 />Appendix 1 to Loan Contract C150342 <br />Page 2 of 4 <br />