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<br />.~ <br /> <br />( <br /> <br />EXTRACT OF MINUTES OF MEETING <br />OF <br />BOARD OF DIRECTORS <br />OF <br />MODEL LAND & IRRIGATION COMPANY <br />HELD ON <br />JULY 15, 2000 <br /> <br />Upon motion duly made and seconded, the proper officers of the Company were <br />authorized and directed to execute and deliver such loan contracts, promissory notes, deeds of trust, and <br />other documents as the Colorado Water Conservancy Board may require or request with respect to a loan <br />by that board to the Company of$335,000, more or less, including without limitation documents for that <br />purpose in the form presented to the Special Meeting of Shareholders referred to above in these minutes, <br />with such changes thereto as the officers may determine in their discretions, and including without <br />limitation documents that encumber any or aU of the assets of the Company as the officers may <br />determine in their discretions. <br />