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accordance with CWCB Policy No. 16, resulting in a total loan amount of $101,000 at the same original interest rate of 2.50% per annum and the same repayment term of 20 years. SECTION 5—SCHEDULE OF EXISTING DEBT No other debt, backed by Company's assessment revenues, described in Section 6 below, exists. SECTION 6 -COLLATERAL To secure repayment of this loan, the BORROWER shall pledge: (1) its assessment revenues backed by a rate covenant; and (2) an undivided one hundred percent (100%) interest in the PROJECT, which consists of the McDonald Ditch diversion dam, headgate structure and pipeline, as more particularly described in the attached DEED OF TRUST (COLLATERAL) which is incorporated herein. This is in accordance with CWCB Financial Policy#5 (Collateral). SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS CWCB will disburse loan funds at a rate of not greater than 40% of the Company's Project obligation up to the approved limit of$100,000. 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. 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. Appendix 1 to Loan Contract C150334 Page 2 of 4