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Agreement, Groves agrees that it shall be liable to FMRICO for the repayment of fifty- <br /> percent (50%) of the loan and that it will reimburse FMRICO on a yearly basis, on a date <br /> to be determined by FMRICO but not later than thirty(30) days before any annual loan <br /> payment is due to the CWCB, for Groves' 50% share of loan costs and repayment <br /> expenses, including but not limited to any interest and penalties that may be assessed. <br /> C. Other Financing. The parties agree that either FMRICO or Groves may <br /> obtain additional financing, through either grants or loans, for use in financing the <br /> Pipeline Project. To the extent successful, those funds shall be utilized for the <br /> development and construction of the Pipeline Project. <br /> D. Letter of Credit. Upon execution of this Agreement, Groves shall provide <br /> to FMRICO a letter of credit issued by Premier Farm Credit to guarantee Groves' repayment to <br /> FMRICO of his portion of the Pipeline Project costs, including but not limited to the CWCB loan <br /> costs. If Groves fails to make payments to FMRICO when due pursuant to the terms of this <br /> Agreement, FMRICO may request reimbursement from Premier Farm Credit under that letter of <br /> credit. <br /> 3. Pipeline Project Easements. Both parties have been jointly negotiating to obtain <br /> written easements across land owned by others that would be crossed by the Pipeline Project <br /> between the FMRICO property and the Groves Property. Because it is the intent of the parties to <br /> jointly own and operate the project facilities, the parties agree that each one will separately <br /> obtain a written easement from these other landowners to cover the route of the proposed <br /> pipeline. Additionally, FMRICO agrees that it will grant Groves a written perpetual easement <br /> across the FMRICO Property that will allow Groves to access and operate its interest in the <br /> Pipeline Project. Similarly, Groves agrees that it will grant a written perpetual easement to <br /> FMRICO over the Groves Property to allow FMRICO to access and operate its portion of the <br /> Pipeline Project, including but not limited to operation and maintenance of the Groves Recharge <br /> Ponds for FMRJCO's use. The FMRICO and Groves easements shall be executed within 90 <br /> days after this Operating Agreement is executed. <br /> 4. Anticipated Project Facilities. The parties agree that the Pipeline Project shall <br /> consist of the following primary facilities. This description is intended to be general and does <br /> not include each and every aspect of the project facilities that will ultimately be needed. The <br /> purpose of this paragraph is to describe the parties' agreement about the primary project <br /> components. First, a diversion structure will be constructed on FMRICO Property that will <br /> divert water from the South Platte River in conjunction with the existing FMRICO diversion <br /> dam. Second, pumping stations will be constructed on FMRICO Property and Groves Property <br /> to move water through the pipeline. Third, a pipeline will be constructed to transport water from <br /> the pumping station to the Groves Property and from the Groves Property back to the South <br /> Platte River. Outlet structures from the pipeline will be constructed at each of the recharge <br /> ponds. Water will be delivered to both existing recharge ponds on the Groves Property and <br /> additional ponds to be constructed both along the pipeline route (by agreement with other <br /> landowners) and upon the Groves Property. Last, an augmentation well will be constructed on <br /> 3 <br />