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� LOAN CONTRACT Beaver Park Yater, Inc. Feasibility Study NOW THEREFORE, it is hereby agreed that: � That the captions and headings contained in this contract are for convenience and reference only and shall not be construed so as to define or limit the terms or provisions contracted here in. 1. The Borrower shall have a feasibility report prepared on how the Brush Hollow Dam can be repaired. The State has approved a proposal for the project feasibility report prepared by the consulting engineering firm of Woodward-Clyde Consultants (the Consultant). This proposal is attached hereto as Appendix A and made a part of this contract. 2. Three (3) copies of the final report prepared in compliance with the Consultant's proposal shall be furnished to the State ot later than Ninety (90) days after the date of this contract, unless such 's ed by mutual agreement of the parties hereto in writing. 3. The State shall loan the Bo�;��th i o y for the services of the Borrower's Consultant to prepare th a re t t ility study. The State shall loan to the Borrower the sum of Seventy-Five Thousand Dollars ($75,000) in the manner following: 3a. Sixty percent (60%), to wit, Forty-Five Thousand Dollars ($45,000) of the total amount due in two (2) monthly installments Twenty-Two Thousand Five Hundred Dollars ($22,500) each. The first such payment shall be made ten (10) days after the date of this contract. 3b. The remaining forty percent (40%), to wit, Thirty 'Thousand Dollars ($30,000) within fifteen (15) days following receipt and acceptance by the State of the written report specified in paragraph 2. of this contract. , 4. The total cost to the State for the services to be rendered to the Borrower by the Consultant shall not exceed Seventy-Five Thousand Dollars ($75,000). 5. (RESOLUTION OF THE BORROWER): Pursuant to its Articles of Incorporation and its By-laws, the Borrower shall have its Board of Directors adopt an order or a resolution: Page 2 of 10 Pages