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<br />hundred percent (100%) interest in 160 acres ot land located in the NW Yo of <br />Section 26, Township 11 North, Range 47 West of the 6th P_M., Sedgwick County, <br />Colorado, as more particularly described in the attached Deed of Trust <br />("Collateral"). <br />SECTION 6 - ADDITIONAL CONTRACT REQUIREMENTS <br />Value of the 160 acres of property pledged as collateral shall have a value of at <br />least $76,356 based on current land use confirmed by a Certified General <br />Appraiser, The valuation was prepared by Greg Nienhuser of Nienhuser Appraisal <br />Services, a certified general appraiser of Sterling, Colorado, and is incorporated <br />herein by reference. The BORROWER shall obtain all necessary permits and <br />easements prior to any loan disbursements. <br />SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare 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 <br />with the terms of this Contract when available prior to bidding. Any modifications to <br />the plans and 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 <br />~ 37-87-105 C.R.S., the BORROWER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br />0, CWCB staff must be present at bidding and must approve the award of the <br />construction contract. <br />E. The BORROWER shall contract for the construction of the work with responsible and <br />capable Construction Firms, which said Construction Firms shall be selected by the <br />BORROWER and found acceptable by the CWCB staff, <br />F. The BORROWER must provide a copy of the executed construction contract <br />documents consisting of the contractor's proposal, construction contract, <br />perfDrmance bond, payment bond, notice of award, notice to proceed, sample <br />change order, and sample field order, as well as the advertisement for bid and bid <br />bond at bidding. After the CWCS staff verifies that these documents comply with <br />the terms of this contract, the BORROWER may issue the notice to proceed to the <br />Construction Firms. <br />G. The BORROWER shall conduct a pre-construction conference at which .time the <br />CWCB staff shall have the opportunity to review and approve the construction <br />schedule. <br />H. .If the CWCB staff determines that the PROJECT requires a resident inspector during <br />construction, the BORROWER shall employ an inspector who has been approved by <br />the CWCB staff. <br /> <br />I. The BORROWER shall construct the PROJECT in accordance with the approved plans <br />and specifications, <br />J. Upon completion of the PROJECT construction, the BORROWER shall provide as-built <br />drawings of the PROJECT to the CWCS staff, or, if required by S 37-87-105, C,R.S" <br /> <br />Page 2 of 3 <br />