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'. SECTION 5 - SCHEDUL.E OF EXISTING DEBT Lienholder Contract Original Term of Date Amount Repayment Loan to be repaid Ray Thompson November $350,000 30 years with proceeds from CWCB loan funds 1999 The BORROWER obtained a loan from Ray Thompson to finance a portion of the Project rehabilitation. To secure repayment of said loan, the BORROWER security agreement (perfected by a (Jccr recorded with the Secretary of State 11122199 recording no, 657973 and a deed of trust, recorded 11/22199 in Montrose County, Reception No, 657972 B1016 P936-941., Proceeds of this loan shall be used to repay the Ray Thompson loan. Upon full repayment of the BORROWER'S loan from Ray Thompson, Ray Thompson shall record a UCC3 to release the UCC1 and a request for release of deed of trust and release of deed of trust. SECTION 6 - DISBURSEMENT SCHEDUL.E The BORROWER shall prepare a periodic progress report which contains a statement of the PROJECT costs expended for that period and shall forward said statement to the CWCB, After receipt of the periodic progress report from the BORROWER, and review and acceptance of the items therein as eligible expenses as described below, the CWCB will pay to the BORROWER the amount set forth in the report or such portion that has been approved by the CWCB. Such payment shall be made within thirty (30) days from the CWCB's approval of each progress report. SECTION 7 - 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 stafHer verification of compliance with the terms of this contract when available 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 juriSdictional dams and reservoirs, as defined by 9 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 CWCS 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 Page 2 of 3