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• • • The parties acknowledge that individual shares of stock in Borrower may be encumbered by liens or security interests, and that all representations, warranties, and statements in the Loan Contract, including Appendices, are subject to any such encumbrances existing at the time of this Loan Contract. SECTION 6 -COLLATERAL The collateral provided for this loan, as evidenced by the executed Deed of Trust, in the form attached as Appendix 5 and incorporated herein, shall be an undivided one hundred percent (100%) interest in the water rights associated with the Fisher Ditch, 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. 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 away . c ,t• •roceed, sample change order, and sample field order, as well as theadAitise for bid and bid bond at bidding. After the CWCB staff verifies ghat these s' '. its comply with the terms of this contract, the BORROWER magi t otice to proceed to the t Construction Firms. t ° G. The BORROWER shall conduct a pre-construction conferee e ' h time the CWCB staff shall have the opportunity to review and approve the construction schedule. H. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, the BORROWER shall employ an inspector who has been approved by Appendix 1 to Loan Contract C150319 Page 2 of 4