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RESOLUTIONS OF THE GENERAL PARTNER <br />OF THE SYLVAN DALE RANCH, LLLP <br />The General Partner of Sylvan Dale Ranch, LLLP (PARTNERSHIP), David Jessup (General PARTNER), acting on behalf <br />of the members of the PARTNERSHIP and pursuant to the PARTNERSHIP AGREEMENT, has agreed to the following resolutions <br />concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of the Emergency <br />Irrigation Pond Excavation Project (PROJECT) in the amount of $105,171 or such actual amount, more or less, as may be <br />needed by the PARTNERSHIP and available from the CWCB including the CWCB loan service fee of 1 % of the loan amount. <br />The General PARTNER charges that these resolutions are irrepealable during the term of the LOAN CONTRACT and pursuant <br />to the PARTNERSHIP AGREEMENT, authorizes the following: <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in the amount <br />of $105,171, or such actual amount, more or less, as needed to finance the project costs, including the CWCB loan <br />service fee of 1 %, and <br />2. to make annual deposits to a debt service reserve fund separate and apart from other revenues, and <br />3. to make the annual payments required by the PROMISSORY NOTE, and <br />4. to pledge twenty (20) acre-foot units of C-BT contractual rights, administered through the Northern Water Conservancy <br />District, as collateral for the loan, as more particularly described in the attached DEED OF TRUST ("Collateral'), valued at <br />an amount equal to or greater than 110% of the loan amount. This is in accordance with CWCB Financial Policy #5 <br />(Collateral); and <br />5. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY NOTE, SECURITY <br />AGREEMENT, and DEED OF TRUST, and <br />6. to take such other actions and to execute such other documents as may be necessary to consummate and implement the <br />loan. <br />CERTIFICATION <br />THE UNDERSIGNED GENERAL PARTNER, OF SYLVAN DALE RANCH, LIMITED LIABILITY LIMITED PARTNERSHIP <br />HEREBY CERTIFICIES THAT THE FOREGOING IS A TRUE AND CORRECT COPY OF THE RESOLUTION AND THAT <br />SAID RESOLUTION HAS NOT BEEN AMENDED OR RESCINDED. <br />SYLVAN DALE RANCH, LLLP <br />A LIMITE I BILIV LI D PARTNERSHIP <br />By 3Xt,/" <br />David Jessu eneral Part r/Date <br />NOTARY:, <br />County of �a_r i M �d— <br />State of Colorado ) C/ <br />r <br />The foregoing instrument was acl before me this a3? day of 2014, by flALAQ M <br />Witness my hand and officials",..••.yv <br />UiAR 1. <br />�o Notary Public <br />My commission expires <br />w <br />MY COMMISSIO,% EXPIRES <br />DULY 23, 20i4 <br />Appendix 3 to Loan Contract C150392 <br />Page 1 of 1 <br />