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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Whereas, The Funding Members desire that the Company accept the <br />loan from the CWCS to finance the Company's share of the pipeline cost. <br /> <br />Now, therefore, in consideration of the mutual covenants contained <br />herein, the Company and the below signed Funding Members agree as <br />follows: <br /> <br />The Additions/Improvements to the Ditch- The Additions/Improvements <br />proposed for the Ditch are the installation of the pipeline and related <br />appurtenances and improvements defined in the Contract, which is <br />attached hereto as Exhibit A and made a part of this Agreement, including <br />the details of the proposed work, the estimated cost of the work, the <br />method for sharing the cost, including any overruns that may occur, and <br />the proposed schedule for conduct of the work. <br /> <br />The Loan- The Loan from CWCS is defined by the feasibility study, the <br />loan application and the Loan Contract, which includes the Promissory <br />Note, the Resolutions, the Security Agreement, the Deed of Trust and the <br />loan commitment; all attached hereto as Exhibit S and made a part of this <br />Agreement. <br /> <br />Membership Approval- The Company agrees to seek approval by the <br />Membership of the Additions/Improvements to the Ditch proposed by the <br />Funding Members, including the Contract, the Loan and this Funding <br />Agreement. <br /> <br />If the Membership approves the Additions/Improvements to the Ditch <br />including the Contract and the Loan, the FUl1ding Members hereby agree <br />to pay all of the costs incurred by the Company arising from the Contract, <br />including any cost overruns, and from the Loan. <br /> <br />The Company shall set the annual date for payment by the Funding <br />Members and send an invoice to each Member thirty days prior to the <br />due date. The Funding Members agree to pay the first annual installment <br />to the Company at the time of the first draw on the Loan, which the <br />Company shall ,use to establish a payment reserve account for repayment <br />of the Loan. The Funding Members further Agree to pay a second <br />annual payment into the payment reserve account over the first three <br />years of the Loan (to be surcharged one-third of an annual payment each <br />