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SECTION 5—SCHEDULE OF EXISTING DEBT The BORROWER has an existing loan with the Colorado Water Conservation Board, Contract #C150350, in the original amount of $1,405,163, with annual payments of $60,604 with an interest rate of 1.75% per annum and a term of 30 years. The loan has an estimated maturity date of 2047 and is in good standing. SECTION 6 -COLLATERAL The COLLATERAL provided for this loan, as evidenced by the DEED OF TRUST, in the form attached as APPENDIX 5 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 Continental Reservoir and associated storage rights, as more particularly described in the attached DEED OF TRUST ("COLLATERAL"). SECTION 7—ADDITIONAL CONDITIONS &CONTRACT REQUIREMENTS None 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, 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. F. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that these documents comply with the terms of this CONTRACT, the BORROWER may issue the notice to proceed to the construction firms. G. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. Appendix 1 to Loan Contract C150365 Page 2 of 4