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<br />) <br /> <br />\ , <br />) <br /> <br />NORBERT JACKSON <br />REGARDING CWCB LOAN <br />APRIL 20, 1989 <br />PAGE 2 <br /> <br />the construction is to be complete within three (3) years <br />and the construction firm is to indemnify and hold harmless <br />the Colorado Water Conservation Board. <br /> <br />On page 3, the construction firms are required to <br />insure and provide a certificate of insurance to the State <br />for workmans compensation, employer's liability, and <br />automobile liability in the amount of $500,000.00 per <br />person, $1,000,000.00 per occurrence and $400,000.00 <br />property damage. This insurance is to co-insure the State <br />and yourselves. <br /> <br />Periodic inspections by the State of the project shall <br />be allowed. The Fruitland irrigation shall also indemnify <br />the State against any and all claims, and you are to <br />maintain comprehensive, general liability insurance upon <br />completion of the project, co-insuring the State and <br />providing a certificate of insurance in the amount of <br />$500,000.00 per person, $1,000,000.00 per occurance and <br />$400,000.00 for property damage. <br /> <br />The State will be responsible for determining when <br />substantial completion of the project has occured. <br /> <br />On page 4 of the Contract, it requires that services of <br />the Fruitland Irrigation Company shall be available, without <br />discrimination, at a schedule of charges which originally <br />must be approved by the State and thereafter may be changed <br />only upon approval of the State. <br /> <br />Exhibit G, being the Resolution which you are <br />considering at this special meeting and which authorizes the <br />warranty deed that is required by paragraph B-16 of the <br />Contract, must be passed by the majority of the <br />stockholders. Once adopted, the resolution shall be <br />certified and will be attached to the contract document as <br />Exhibit G. <br /> <br />You are required to levy assessments sufficient to pay <br />the loan and supply the State with periodic reports and <br />permit the State to make periodic inspections. The Company <br />is obliged to repay $169,600.00 with 5% interest at the rate <br />of $9,884.29 per year over a period of 40 years, beginning <br />on the first day of the month following the month of <br />completion and payable on that date yearly thereafter. <br /> <br />On page 5, the security for the payment of this loan is <br />