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Water Rights prior to the date which is Six (6) months following the Effective <br />Date, BoRROwER shall return any portion of the Loan Amount distributed to <br />BORROWER under this loan Contract in the form of a prepayment as <br />provided for under the PROnnissoRY NoTE. <br />SECTION 7— CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE <br />PROJECTS. <br />A. The Borrower must submit a written purchase and sales agreement <br />for the Water Rights prior to disbursal of loan funds. <br />SECTION 8— ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. <br />A. Engineering associated with the feasibility report prepared as a requirement <br />for this loan and associated with evaluating the suitability of the Water <br />Rights for purchase by the BoRROwER. <br />B. Interest pending completion of the PRO�ECT pursuant to Paragraph A.4 of <br />the loan Contract. <br />C. The Loan Service Fee as provided for under the loan Contract. <br />D. Legal services for reviewing engineering services contracts and this <br />Contract. <br />E. Purchase of the Water Rights. <br />SECTION 9 — DISBURSEMENT SCHEDULE <br />For a water rights purchase, the BoRROwER shall prepare a written request for <br />funds that shall describe the upcoming closing on water rights purchase <br />including, but not limited to, the name of the seller, cost, closing date, and <br />support documentation in the form of copies of the sales agreement pursuant <br />to Section 8(A) above. After receipt of the written request from the BoRROwER, <br />and review and acceptance of the items therein as eligible expenses as <br />described above, the CWCB will pay to the BoRROwEa the amount set forth in <br />the request or such portion that has been approved by the CWCB. Such <br />payment shall be made no later than eight (8) days from the CWCB's receipt of <br />such request (subject to CWCB's approval of such request as provided for <br />above). <br />SECTION 1 O— TIME FOR PERFORMANCE <br />PRO�ECT Beginning: Upon Effective Date of this Contract (as provided for <br />and defied on the signature page of the loan Contract). <br />PRO�ECT Finish: 2 years from the Effective Date of this Contract. <br />Appendix 1 to Loan Contract C150274 <br />Page 3 of 3 <br />12368\1 \1216151 7 <br />