C150179 Feasibility Study - Laserfiche WebLink

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I . I I I I I I I I I I I I I I I I I I work, the method for sharing the cost, including any overruns that may occur, and the proposed schedule for conduct of the work. 2. The Loan- The Loan from CWCB is defined by the feasibility study, the loan application, the Loan Contract, the Promissory Note, the Resolutions, the Security Agreement, the Deed of Trust and the loan commitment; all attached hereto as Exhibit B and made a part of this Agreement. 3. Membership Approval- The Company agrees to seek approval by the Membership of the Additions/Improvements to the Ditch proposed by the Funding Members, including the Contract, the Loan and this Funding Agreement. 4. If the Membership approves the Additionsllmprovements to the Ditch including the Contract and the Loan, the Funding Members hereby agree to pay all of the costs incurred by the Company arising from the Contract, including any cost overruns, and from the Loan. 5. The Company shall set the annual date for payment by the Funding Members and send an invoice to each Member thirty days prior to the due date. The Funding Members agree to pay the first annual installment to the Company at the time of the first draw on the Loan, which the Company shall use to establish a payment reserve account for repayment of the Loan. The Funding Members further Agree to pay a second annual payment into the payment reserve account over the first three years of the Loan (to be surcharged one-third of an annual payment each year). 6. The Company agrees to receive prepayments of principal from any Funding Member at any time and to use such prepayments to pay down the principal of the Loan for the credit of said Funding Member'as soon as practical pursuant to the terms of the Loan. 7. The Funding Members agree to pay interest at the rate of 1.5% per month for any payments in arrears beginning 30 days after Company sends a notice of late payment by hand delivery or by registered US Mail. 8. The Funding Members agree to share the costs arising from the NRCS Contract and for the CWCB Loan repayment based upon the maximum amounts of water (in cubic feet per second-CFS) that each will be entitled to have carried through the pipeline by the Company, as follows: Dick White Gilmer Pickens Greg Wolcott Terry Moores Raymond Keith Curtis Baker Frank Willburn Total CFS 1.16 0.67 1.25 0.95 4.54 0.05 3.96 12.58 % 9.22 5.33 9.94 7.55 36.09 0.40 31.48 100.01