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<br />amount up to $67,500, not to exceed 90% of the cost to purchase water rights, at an <br />interest rate of 3.75% per annum for a repayment term of 30 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />The BORROWER has no existing debt. <br /> <br />SECTION.6 - ADDITIONAL CONTRACT REQUIREMENTS <br /> <br />No additional contract requirements. <br /> <br />SECTION 7 - CONSTRUCTION FUND PROGRAM PROCEDURES <br /> <br />A, The BORROWER must submit a written appraisal or opinion of value from a qualified <br />water rights appraiser supporting the purchase price prior to disbursal of loan <br />funds. <br /> <br />B. The. BORROWER shall pay all of the expenses related to the PROJECT when such <br />bills are due. <br /> <br />SECTION 8 - ELIGIBLE EXPENSES. The following items are eligible for loan <br />disbursements. <br /> <br />A, Engineering associated with the feasibility report prepared as a requirement for <br />this loan and associated with evaluating the. suitability of the water rights for <br />purchase by the BORROWER. <br />B. Interest during completion of the PROJECT pursuant to Paragraph A,2 herein. <br />C. Legal services for reviewing engineering services contracts and this Contract. <br />D. Purchase of the water rights. <br />SECTION 9 - DISBURSEMENT SCHEDULE <br /> <br />For a water rights purchase, the BORROWER shall prepare a written request for funds <br />that shall describe the upcoming closing on water rights purchase including, but not <br />limited to, the name of the seller, cost, closing date, and appraisal value and support <br />documentation in the form of copies of the sales agreement and the appraisal <br />pursuant to Section 7(a) above. After receipt of the written request from the <br />BORROWER, and review and acceptance of the items therein as eligible expenses as <br />described above, the CWCB will pay to the BORROWER the amount set forth in the <br />request or such portion that has been approved by the CWCB. Such payment shall be <br />made within thirty (30) days from the CWCB's approval of each request. <br /> <br />SECTION 10 - TIME FOR PERFORMANCE <br /> <br />PROJECT Beginning: Upon Effective Date of this Contract <br /> <br />PROJECT Finish: Two (2) years from the Effective Date of this Contract <br /> <br />Page 2 of2 <br />