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and incorporated herein, all more particularly described in the attached Deeds of Trust, hereafter referred to as the Collateral. SECTION 5 - SCHEDULE OF EXISTING DEBT Lienholder Contract Original Term of Priority Date Amount Repayment Lend Lease Agri-Business February $2,000,000.00 CWCB loan will have senior position 6500 S Quebec, Suite 300 17,1999 to the two Lend Lease Agri-Business Englewood CO 80111 ioans. Alln: Vern George October 303-694-1115 19,2000 $1,600,000,00 Lend Lease Agri-Business agreed to subordinate its loan to provide the CWCS loan with first position on the property the Borrower has piedged as collateral as described in Section 4 above. Subordination agreement dated August 15, 2002, recorded. in Moffat County, is attached as Appendix 5 and incorporated herein SECTION 6 - 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 ava"rlable 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 iurisdlctional dams and reservoirs, as defined by !l 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 BORROWER and found acceptable by the 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, J. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings of the PROJECT to the CWCB staff, or, if required by !l37-87-1Q5, CRS" the BORROWER shall provide the as-built drawings to the State Engineer's Office for approval and filing.