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SECTION 5—SCHEDULE OF EXISTING DEBT <br /> The Company has $282,359 in existing debt as summarized in Table 5. The Western <br /> States Bank loan was a bridge loan and provided immediate financing for Phase 1 of <br /> the Project. The loan will be paid off with the proceeds of this CWCB loan. CWCB <br /> Loan C150268, approved at the July 2008 Board meeting is in good standing. <br /> Lender Original Current Annual Maturity Collateral <br /> Balance Balance Payment Date <br /> Western States Bank $100,000 $100,000 $14,300 2020 Assessment Revenues <br /> CWCB (C150268) $189,843 $182,359 $10,322 2042 Assessment Revenues <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 a pledge of assessment revenues backed by a rate covenant and the Louden <br /> Irrigating Canal and Reservoir Company's Big Thompson River Diversion and <br /> Headgate Structure as more particularly described in the attached DEED OF TRUST <br /> ("COLLATERAL") which is incorporated herein. This is in accordance with CWCB <br /> Financial Policy#5 (COLLATERAL). <br /> SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> No additional conditions or contract requirements <br /> SECTION 8—CONSTRUCTION FUND 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 /> § 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State <br /> Engineer's Office prior to construction. <br /> D. The BORROWER shall notify CWCB of the bid opening date, time and location. <br /> CWCB staff may elect to attend the bid opening. <br /> E. CWCB must approve the award of the construction contract. <br /> F. The BORROWER shall contract for the construction of the work with responsible and <br /> Appendix 1 to Loan Contract C150398 <br /> Page 2 of 4 <br />