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<br />For a water rights purchase, the BORROWER shall prepare a written request for funds that <br />shall describe the upcoming closing on water rights purchase including, but not limited <br />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 pursuant <br />to Section 7(a) above. After receipt of the written request from the BORROWER, and <br />review and acceptance of the items therein as eligible expenses as described above, <br />the CWCB will pay to the BORROWER the amount set forth in the request or such portion <br />that has been approved by the CWCB. Such payment shall be made within thirty (30) <br />days from the CWCB'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 C150258 <br />Page 3 of 3 <br />