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SECTION 5 - COLLATERAL The collateral provided for this loan, as evidenced by the executed Deed of Trust, attached as Appendix 3 and incorporated herein, shall be an undivided one hundred percent (100%) interest in 5 acres of land with improvements including a house, shop, sheds and other farm improvements located in the SW/4 Section 31, Township 5 North, Range 54 West of the 6th P.M., Morgan County, Colorado, as more particularly described in the attached Deed of Trust ("Collateral"). SECTION 6 - ADDITIONAL CONTRACT REQUIREMENTS First lien on 5 acres of land, including improvements, located in the SW/4 of Section 31, Township 5 North, Range 54 West of the 6th P.M., pledged as collateral shall have a value at least equal to the loan amount, as established by a Colorado certified general appraiser. The valuation, dated August 1, 2003, was prepared by Robert W. Pennington, a certified general appraiser of Brush, Colorado, and is incorporated herein by reference. SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES A. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PROJECT. B. The BORROWER'S and the Engineering Consultant's Agreements and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this Contract when available prior to bidding. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by ~ 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to construction. D. CWCB staff must be present at bidding and must approve the award of the construction contract. E. The BORROWER shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be selected by the -and-fottnd aGCe~ldbte uy tln:l CWCB staff. F. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that these documents comply with the terms of this contract, the BORROWER may issue the notice to proceed to the Construction Firms. G. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. H. If the CWCB staff determines that the PROJECT requires a resident inspector during construction, the BORROWER shall employ an inspector who has been approved by the CWCB staff. I. The BORROWER shall construct the PROJECT in accordance with the approved plans and specifications. Page 2 of 3