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<br />Serve in the amount of approximately S4,300. The BORROWER expects to payoff <br />this debt in full with the December 2002 payment. The debt does not have a <br />security interest in the company's pledge of revenues, so the CWCB loan would <br />have senior position on the pledge of revenues. <br />SECTION 6 - COLLATERAL <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />attached as Appendix 5 and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in the Loma lateral ditch, as more particularly <br />described in the attached Deed of Trust ("Collateral"). The initiai deed of trust shall <br />identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to <br />the BORROWER differs from the LOAN AMOUNT, the Deed of Trust shall be amended. <br />SECTION 7 - ADDITIONAL CONTRACT REQUIREMENTS <br />The funding for this PROJECT shall consist of the CWCB loan in the initial amount <br />of $250,325, a $25,000 grant from the NRCS for planning and design, and the <br />balance, approximately $2,800, provided by the BORROWER. Upon completion of <br />the PROJECT, the NRCS will contribute cost share funds of approximately $75,000. <br />Upon receipt of said NRCS cost share funds, the BORROWER will remit that <br />amount to the CWCB to be used to reduce the final loan amount to approximately <br />$ 1 78,000, and the loan contract, including all appendices will be amended. <br />SECTION 8 - 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 />S. 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 CWCS staff. <br />e. 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 />Enginee~s Office prior to construction. <br />D. eWCB 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 contracto~s proposal, construction contract, <br />performance 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 CWCB staff verlfies 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 /> <br />Page 2 of 3 <br />