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more particularly described in the attached Deed of Trust, hereafter referred to as the <br /> Collateral. <br /> SECTION 5 — SCHEDULE OF EXISTING DEBT <br /> Lienholder Contract Original Term of Priority <br /> Date Amount Repayment <br /> Lend Lease Agri-Business February $2,000,000.00 CWCB loan will have senior position <br /> 6500 S Quebec, Suite 300 17, 1999 to the two Lend Lease Agri-Business <br /> Englewood CO 80111 loans. <br /> Attn: Vern George October <br /> 303-694-1115 19, 2000 $1,600,000.00 <br /> Lend Lease Agri-Business agreed to subordinate its loan to provide the CWCB loan with first position <br /> on the property the Borrower has pledged as collateral as described in Section 4 above. Subordination <br /> agreement dated June 20, 2002, recorded in Moffat County, is attached as Appendix 5 and <br /> incorporated herein <br /> SECTION 6 — CONSTRUCTION FUND PROGRAM PROCEDURES <br /> A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare <br /> plans and specifications for the PROJECT. <br /> B. The BORROWER'S and the Engineering Consultant's Agreements and the plans and <br /> specifications must be submitted to the CWCB staff for verification of compliance with the <br /> terms of this contract when available prior to bidding. Any modifications to the plans and <br /> specifications must be approved in writing by the CWCB staff. <br /> C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37-87- <br /> 105, C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's <br /> Office prior to construction. <br /> D. CWCB staff must be present at bidding and must approve the award of the construction <br /> contract. <br /> E. The BORROWER shall contract for the construction of the work with responsible and capable <br /> Construction Firms, which said Construction Firms shall be selected by the BORROWER and <br /> found acceptable by the CWCB staff. <br /> F. The BORROWER must provide a copy of the executed construction contract documents <br /> consisting of the contractor's proposal, construction contract, performance bond, payment <br /> bond, notice of award, notice to proceed, sample change order, and sample field order, as <br /> well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that <br /> these documents comply with the terms of this contract, the BORROWER may;issue the <br /> notice to proceed to the Construction Firms. <br /> G. The BORROWER shall conduct a pre-construction conference at which tirie-the CWCB staff <br /> shall have the opportunity to review and approve the construction schedule. <br /> H. If the CWCB staff determines that the PROJECT requiresa;rsldent°_iris{ ctorunrf`g <br /> construction, the BORROWER shall employ an inspector who f as b een.approved-.by'the" <br /> CWCB staff. <br /> I. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br /> specifications. <br /> J. Upon completion of the PROJECT construction, the BORROWER shall provide as-built <br /> drawings of the PROJECT to the CWCB staff, or, if required by § 37-87-105, C.R.S., the <br /> BORROWER shall provide the as-built drawings to the State Engineer's Office for approval <br />