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<br />N. PROJECT-related expenses incurred prior to the Effective Date of this contract in <br />accordance with the approval of this loan. <br /> <br />O. Payoff existing loans to debtors listed in Section 5 above. <br /> <br />10 - DISBURSEMENT SCHEDULE <br />For Project costs: The BORROWER shall prepare a periodic progress report which <br />contains a statement of the PROJECT costs expended for that period and shall <br />forward said statement to the CWCB. After receipt of the periodic progress report <br />from the BORROWER, and review and acceptance of the items therein as eligible <br />expenses as described below, the CWCB will pay to the BORROWER the amount set <br />forth in the report or such portion that has been approved by the CWCB. Such <br />payment shall be made within thirty (30) days from the CWCB's approval of each <br />progress report. <br />For loan payoffs: For loan disbursements to payoff existing debt described in <br />Section 5, the BORROWER shall provide the CWCB with a request that includes the <br />amount needed to pay in full each existing loan, the loan number and the name and <br />address, of the creditor, and the phone number and name of creditor contact. After <br />review and acceptance of the request, the CWCB will pay to the Borrower the <br />amount set forth in the request. Payment of said request shall be made within thirty <br />(30 days from the CWCB's approval of said request. <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 <br />be made within thirty (30) days from the CWeB's approval of each request. <br />SECTION 11 - TIME FOR PERFORMANCE <br />PROJECT Beginning: Upon Effective Date of this Contract (the date this contract is <br />signed by the State Controller or his designee). <br />PROJECT Finish: Two (2) years from the Effective Date of this Contract <br /> <br />Appendix 1 to Loan Contract C150253 <br />Page 4 of 4 <br />