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� <br />SECTION 6 - COLLATERAL <br />1.� <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust and <br />Assignment of Stock Certificate, attached as Appendix 4 and 5, respectively, and <br />incorporated herein, shall be an undivided one hundred percent (100%) interest in the 5 <br />shares of Weldon Valley Ditch Company purchased with the CWCB loan proceeds, <br />valued at $270,000 ("Collateral"). <br />SECTION 7— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br />The proceeds from the sale of any water rights purchased with this loan shall be used <br />to reduce the outstanding balance of the BoRROwER's loan from the CWCB. <br />SECTION 8— CONSTRUCTION FUND PROGRAM PROCEDURES FOR WATER PURCHASE PROJECTS <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 funds. <br />B. The BoRROwER shall pay all of the expenses related to the PRO�ECT when such bills <br />are due. �' <br />�� �. <br />SECTION 9— ELIGIBLE EXPENSES FOR WATER OJECTS. <br />A. Engineering associated with the feasibility r, . ` as a requirement for this <br />loan and associated with evalua ' s' 'li � ater rights for purchase by <br />the BORROWER. <br />B. Interest during completion of the Ro�ECT pursuant to Paragraph A.4 herein. <br />C. Legal services for reviewing engineering services contracts and this Contract. <br />D. Purchase of the water rights. <br />SECTION 10 — DISBURSEMENT SCHEDULE <br />For a water rights purchase, the BoRROwER shall prepare a written request for funds that <br />shatl describe the upcoming closing on water rights purchase including, but not limited to, the <br />name of the seller, cost, closing date, and appraisal value and support documentation in the <br />form of copies of the sales agreement and the appraisal pursuant to Section 7(a) above. <br />After receipt of the written request from the BoRROwER, and review and acceptance of the <br />items therein as eligible expenses as described above, the CWCB will pay to the BoRROwER <br />the amount set forth in the request or such portion that has been approved by the CWCB. <br />Such payment shall be made within thirty (30) days from the CWCB's approval of each <br />request. <br />SECTION 11 — TIME FOR PERFORMANCE <br />PRO�ECT Beginning: Upon Effective Date of this Contract (the date this contract is <br />signed by the State Controller or his designee). <br />PRO�ECT Finish: Two (2) years from the Effective Date of this Contract <br />Page 2 of 2 <br />