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EXISTING DEBT <br /> Lender Original Current Annual Maturity Collateral <br /> Balance Balance Payment Date <br /> CWCB Assessment revenues. <br /> (C153607L) $611,478 $289,815 $18,623 2034 Mountain Home Res <br /> CWCB Assessment revenues. Smith <br /> (C150303' $524,553 $406,666 $29,926 2035 Reservoir and Smith Res <br /> water rights. <br /> CWCB Assessment revenues. <br /> (Cl 50316' $251,793 $216,373 $12,435 2041 Garland #2 Canal water <br /> rights. <br /> Total $912,854 $60,984 <br /> Section 6—Loan Security <br /> The Security for this loan, as evidenced by the executed Security Agreement(Appendix 5) and <br /> incorporated herein, shall be: (i)an irrevocable (but not exclusive)pledge to the CWCB of the <br /> Pledged Revenues in such amount as is necessary to make each annual payment due under this <br /> Contract, (ii) an assessment covenant; and(iii)an undivided one hundred percent(100%) <br /> interest in the Mountain Home Reservoir Outlet Structure as more particularly described in the <br /> attached Deed of Trust(Appendix 6). All Loan Security shall be in accordance with CWCB <br /> Policy No. 5. <br /> Section 7—Additional Conditions and Requirements <br /> None. <br /> Section 8—"Construction Fund Program" Procedures for Projects <br /> A. The Borrower shall employ an engineer, registered in the State of Colorado to prepare plans and <br /> specifications for the Project. <br /> B. Engineering contracts and the plans and specifications must be submitted to the CWCB staff for <br /> verification of compliance with the terms of this Contract when available prior to bidding. Any <br /> modifications,to the plans and specifications that effect changes to the construction costs must be <br /> 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 Engineer's Office <br /> prior to construction. <br /> D. The Borrower shall notify CWCB of the bid opening date, time and location. CWCB staff may <br /> elect to attend the bid opening. <br /> E. The Borrower shall contract for the construction of the work with responsible and capable <br /> Construction Firms, selected by the Borrower and found acceptable by the CWCB staff. CWCB <br /> must approve the award of the construction contract. <br /> F. The Borrower must provide a copy of the following construction contract documents: executed <br /> contractor's proposal, executed construction contract, executed performance bond, executed <br /> payment bond, executed notice of award, proposed notice to proceed, sample change order, and <br /> sample field order, as well as the advertisement for bid. After the CWCB staff verifies that these <br /> documents comply with the terms of this Contract, the Borrower may issue the notice to proceed <br /> Page 2 of 4 <br /> Contract Number:CT2018-3122 <br />