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ten (1o) years. <br /> SECTION 5-SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the BORROWER has outstanding the <br /> following obligations, which constitute the first lien on the land and water rights as <br /> collateral. CWCB will be in a subordinate lien position. <br /> Lender Original Current Annual Maturity t Collateral <br /> Balance Balance Payment Date <br /> Community Corsentino Dairy including <br /> Banks of $1,913,000 $1,210,190 $85,512 12/20/2028 1,018.78 acres of land, <br /> Colorado Holita Reservoir, and water <br /> rights <br /> SECTION 6-LOAN SECURITY <br /> The SECURITY for this loan as evidenced by the collateral at a value of uo%, is more <br /> particularly described in the attached DEED OF TRUST (Appendix 6), incorporated <br /> herein. The SECURITY is a variance from CWCB Policy No. 5 (Collateral). <br /> SECTION 7-ADDITIONAL CONDITIONS AND REQUIREMENTS <br /> The BORROWER shall establish a reserve fund equal to one annual payment prior to <br /> disbursement of loan funds. <br /> The BORROWER has written permission, from the Community Banks of Southern <br /> Colorado-Walsenburg, to incur this additional debt in the form of a loan from <br /> CWCB, according to the terms of Business Loan Agreement Number 259208 <br /> executed November 26, 2003. <br /> SECTION 8-"CONSTRUCTION FUND PROGRAM"PROCEDURES FOR PROJECTS <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, defined by§37- <br /> 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. CWCB <br /> staff may elect to attend the bid opening. <br /> E. The BORROWER shall contract for the construction of the work with responsible and <br /> Appendix i <br /> Page 2 of 4 <br />