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The Dolores Water Conservancy District, a Colorado quasi - municipal corporation ( "DWCD "), has two agreements with the Borrower (MVIC), under which the Borrower has repayment obligations to DWCD secured by a first lien on the Borrower's assessment revenues. These Agreements include the "Contract between DWCD and MVIC for Adjustment of Water Rights and Sale of the Use of Irrigation Water, Dolores Project, Colorado River Storage Project" (Articles 4, 6, 7 and 8), and the "Contract Among the United States and DWCD, MVIC and the Ute Mountain Ute Tribe Providing for the Adjustment of Water Rights and for the Rehabilitation, Operation, Maintenance and Replacement of Facilities to Reduce Salinity Inflow to Colorado River" (Articles 5 and 6). SECTION 6 - COLLATERAL In addition to the property pledged in paragraph 8 of the loan contract, the collateral provided for this loan, as evidenced by the executed Deed of Trust, in the form attached as Appendix 5 and incorporated herein, shall be the May Pipeline, as more particularly described in the attached Deed of Trust ( "Collateral "). SECTION 7 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS A. Prior to disbursement of loan funds, the CWCB shall receive a parity position with the Dolores Water Conservancy District on the Company's assessment revenues for the new debt added by this loan. B. Any funds received by the Borrower from the Bureau of Reclamation related to the water accounting system shall be given to the CWCB and will be applied to the outstanding principal loan balance, and the loan contract shall be amended to the reduced loan amount. 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. The BORROWER's and the Engineering Consultant's Agreements 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. CWCB staff must be present at bid opening and must approve the award of the construction contract. 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. Appendix 1 to Loan Contract C150333 Page 2 of 4