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SECTION 5—SCHEDULE OF EXISTING DEBT The BORROWER has two loans with the Colorado Water Conservation Board. Contract #C150161 has an original total loan amount of $2,844,000.00 and was amended on November 27, 2006, resulting in an amended total loan amount of $2,600,899.08. This loan has an interest rate of 3.0% per annum and a term of 30 years. The annual payment is $145,098.77 with an estimated maturity date of 2036. The remaining loan balance is $2,247,280 and the loan is in good standing. Contract #C153835A in the original loan amount of $308,000 has an interest rate of 4.21% per annum and a term of 30 years. The annual payment is $18,268.60 with an estimated maturity date of 2029. The remaining loan balance is $204,817 and the loan is in good standing. SECTION 6 -COLLATERAL The COLLATERAL provided for this loan, as evidenced by the executed SECURITY AGREEMENT (Appendix 4) and DEEDS OF TRUST (APPENDICES 5a and 5b) and incorporated herein, shall be a pledge of assessment revenues backed by a rate covenant and an undivided one hundred percent (100%) interest in the Boyd Lake High-Level Outlet Project and security interests in the Horseshoe Lake High-Level Outlet Project conveyed to the CWCB by the BORROWER and by the Seven Lakes Reservoir Company, as more particularly described in the attached DEEDS OF TRUST ("COLLATERAL"). SECTION 7— ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS No additional conditions or contract requirements. SECTION 8—CONSTRUCTION FUND PROGRAM PROCEDURES A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PROJECT. B. Engineering Contracts and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this CONTRACT when available prior to bidding. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to construction. D. The BORROWER shall extend an invitation to CWCB to be present at the bid opening. E. The BORROWER shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be selected by the BORROWER and found acceptable by the CWCB staff. F. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, Appendix 1 to Loan Contract C150362 Page 2 of 4