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acre -ft lined storage reservoir. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />Lender. Hoshiko Farms, Inc.; Original note amount is $55,000; Interest Rate: 5 percent per <br />annum; Terms of the agreement require Ogilvy Augmentation Company to pay off the loan <br />with CWCB funding. <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 />an undivided one hundred percent (100 %) interest In 6 shares of the Greeley Irrigation <br />Company, as well as all of the Company's right and interest in the Project, including the <br />recharge facility, the storage reservoir, and the measurement and flow devices, as <br />more particularly described in the attached Deeds of Trust ( "Collateral "). <br />SECTION 7 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />A. Borrower shall pay in full the bridge loan for the $55,000 water rights purchase <br />with CWCB loan disbursement funds. <br />B. Borrower shall make annual payments of interest accrued prior to substantial <br />completion of project. <br />C. If the water court application is denied or otherwise unsuccessful the Project will <br />be deemed substantially complete and the Borrower shall repay the amount of <br />funds disbursed, along with interest, in accordance with the loan contract <br />provisions. <br />SECTION 8 - CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE PROJECTS <br />A. The BORROWER must submit a written appraisal or opinion of value from a qualified <br />water rights appraiser supporting the purchase price prior to disbursal of loan funds. <br />B. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br />C. 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 />D. 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 />E. CWCB staff must be present at bid opening and must approve the award of the <br />construction contract. <br />F. 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 />Annandiv -i +n I n7M 1%o%n +rmw# i%4 GA97 2 <br />