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SECTION 5 — SCHEDULE OF EXISTING DEBT <br />Sylvan Dale Ranch has two existing loans: <br />EXISTING DEBT <br />Lender <br />Current <br />Annual <br />Maturity Date <br />Collateral <br />Balance <br />Payment <br />American Ag <br />$306,738 <br />$33,116 <br />3/1/2027 <br />Land & C-BT <br />shares <br />Credit <br />American Ag <br />$257,891 <br />$25, 971 <br />7/1/2028 <br />Land & C-BT <br />shares <br />Credit <br />As a result of the flood, both loans were refinanced by American Ag Credit to allow an <br />18-month moratorium on loan payments. Payments will resume in 2015. The twenty <br />(20) acre-foot units of Colorado -Big Thompson Project Water contractual rights <br />administered through Northern Water, pledged as collateral for this LOAN CONTRACT, <br />are not encumbered for any of the existing debt. <br />SECTION 6 - COLLATERAL <br />The COLLATERAL provided for this loan, as evidenced by the executed SECURITY <br />AGREEMENT (Appendix 4) and DEED OF TRUST (APPENDIX 5) and incorporated herein, <br />shall be twenty (20) acre-foot units of Colorado -Big Thompson Project Water <br />contractual rights administered through Northern Water, valued at 110% of the loan <br />amount, as more particularly described in the attached DEED OF TRUST ("COLLATERAL") <br />which is incorporated herein. This is in accordance with CWCB Financial Policy #5 <br />(COLLATERAL). A Notice of Claim of Lien or Security Interest in a Class D Allotment and <br />Request for Notification of Action Regarding a Class D Allotment Contract shall be <br />completed and sent to Northern Colorado Water Conservancy District. <br />SECTION 7 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />Any future grant funds obtained for the purpose of this PROJECT shall be submitted to <br />CWCB to be applied to the balance of the loan within thirty (30) calendar days after <br />receipt of said funds. <br />SECTION 8 — CONSTRUCTION LOAN PROGRAM PROCEDURES <br />A. The BORROWER shall employ an engineer, registered in the State of Colorado to <br />prepare plans and specifications for the PROJECT. <br />B. Engineering Contracts and the plans and specifications must be submitted to the <br />CWCB staff for verification of compliance with the terms of this CONTRACT when <br />available prior to bidding. Any modifications, to the plans and specifications that <br />effect changes to the construction costs must be approved in writing by CWCB. <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by <br />Appendix 1 to Loan Contract C150392 <br />Page 2 of 4 <br />