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L. PRO�ECT-related expenses incurred prior to the Effective Date of this contract in <br />accordance with the legislative approval of this loan. <br />SECTION 9 — DISBURSEMENT SCHEDULE <br />For Project costs: The BoRROwER shall prepare a periodic progress report which <br />contains a statement of the PRO�ECT 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 <br />set 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 8.K, the BoRROwER shall provide the CWCB with a request that includes <br />the amount needed to pay in full each existing loan, the loan number and the <br />name and address, of the creditor, and the phone number and name of creditor <br />contact. After review and acceptance of the request, the CWCB will pay to the <br />Borrower the amount set forth in the request. Payment of said request shall be <br />made within thirty (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 be <br />made within thirty (30) days from the CWCB's approval of each request. <br />SECTION 1 O— TIME FOR PERFORMANCE <br />PROJECT Beginning Upon Effective Date of this Contract (the date this contract <br />is signed by the State Controller or his designee). <br />PROJECT FIt11Sh 4 years from the Effective Date of this Contract. <br />Appendix 1 to Loan Contract C150237 <br />Page 4 of 4 <br />