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<br />SeCTION 5 - COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />in the form attached as Appendix 3 and incorporated herein, shall be an <br />undivided one hundred percent (100%) interest in the Four Seasons Trout Farm, <br />including real estate and water rights, as more particularly described in the <br />attached Deed of Trust ("Collateral"). The initial deed of trust shall identify the LOAN <br />AMOUNT. If the amount of loan funds disbursed by the CWCB to the BORROWER <br />differs from the LOAN AMOUNT, the Deed of Trust shall be amended. <br /> <br />SECTION 6 - SCHEDULE OF EXISTING DEBT <br /> <br />The Borrower has an existing $100,000 loan with Surface Creek Bank (Bank) dated <br />March 25, 2002, with the property described in Section 5 above as collateral for the Bank <br />loan. By its letter dated October 10, 2002, incorporated herein and attached to this <br />Project Summary as Attachment A, the Bank subordinates its senior position on the <br />collateral to the CWCB. <br /> <br />SeCTION 7 - ADDITIONAL CONTRACT REQUIREMENTS <br /> <br />No additional contract requirements imposed by the CWCB. <br /> <br />SECTION 8 - CONSTRUCTION FUND PROGRAM PROCEDURES <br /> <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br /> <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 /> <br />C. For plans and specifications for all jurisdictional dams and reservoirs, as defined by <br />~ 37-87-105 CRS., the BORROWER shall provide a letter of approval from the State <br />Engineer's Office prior to construction. <br /> <br />D. CWCB staff must be present at bidding and must approve the award of the <br />construction contract. <br /> <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 /> <br />F. The BORROWER must provide a copy of the executed construction contract <br />documents consisting of the contractor'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 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 /> <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 /> <br />H. If the CWCB staff determines that the PROJECT requires a resident inspector during <br />