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SECTION 5—SCHEDULE OF EXISTING DEBT The BORROWER has existing loans with the Colorado Water Conservation Board. Contract #C153517 has an existing loan amount of $58,630 with an interest rate of 3.0% per annum and a term of 30 years. The annual payment is $4,094.48 with an estimated maturity date of 2027. The loan is in good standing. The BORROWER is a shareholder in the Beaver Reservoir Company. Beaver Reservoir Company has an existing loan contract with CWCB (#C150190). The BORROWER has an obligation to repay the BORROWER'S annual portion of this loan, which is $8,113.85. The loan contract has a remaining balance is $462,000 with an interest rate of 2.5% per annum, a term of 30 years and an estimated maturity date of 2038. 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 DEED OF TRUST (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 BORROWER'S storage rights in the Lone Cabin Reservoir, as more particularly described in the attached DEED OF TRUST ("COLLATERAL"). SECTION 7—ADDITIONAL CONDITIONS &CONTRACT REQUIREMENTS The funds will be distributed on a 50/50 basis (50% Water Supply Reserve Fund/50% CWCB Loan) until the grant funding ($167,150) is exhausted. All remaining payments will be distributed from the CWCB Loan Program until the CWCB approved total "not to exceed" loan amount of $252,803 is reached. 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 Appendix 1 to Loan Contract C150361 Page 2 of 4