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SECTION 5—SCHEDULE OF EXISTING DEBT <br /> The Company has $525,608 in existing debt as summarized in the table below. These <br /> loans are in good standing. <br /> EXISTING DEBT <br /> Lender Original Current Annual Maturity Collateral <br /> Balance Balance Payment Date <br /> *USDA Rural $650,000 $99,018 $27,157 12/10/201 Assessments <br /> Development 5 <br /> Mariano Reservoir <br /> CWCB $533,000 $426,591 $29,024 3/1/2034 and Dam; <br /> *BORROWER has an existing loan with the U.S. Department of Agriculture Rural <br /> Development with an unsecured pledged of the BORROWER'S water charges and <br /> assessments to repay the loan. The CWCB's Secured pledge of assessment revenues <br /> would have seniority over the U.S. Department of Agriculture Rural Development's <br /> unsecured pledge. <br /> SECTION 6 -COLLATERAL <br /> The COLLATERAL provided for this loan, as evidenced by the executed SECURITY <br /> AGREEMENT (Appendix 4) and DEED OF TRUST (APPENDIX 5) and incorporated herein, <br /> shall be a pledge of assessment revenues backed by a rate covenant and an <br /> undivided one hundred percent (100%) interest in the Big Dam Diversion and <br /> Headgate, as more particularly described in the attached DEED OF TRUST <br /> ("COLLATERAL"). <br /> SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> Any future grant funds obtained for the purpose of this PROJECT shall be submitted to <br /> CWCB to be applied to the balance of the loan within thirty (30) calendar days after <br /> receipt of said funds. <br /> SECTION 8—CONSTRUCTION LOAN 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 and the plans and specifications must be submitted to the <br /> CWCB staff for verification of compliance with the terms of this CONTRACT when <br /> available prior to bidding. Any modifications to the plans and specifications must <br /> be approved in writing by the CWCB staff. <br /> C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by <br /> Appendix 1 to Loan Contract C150375 <br /> Page 2 of 4 <br />