C153824 PIF Contract - Laserfiche WebLink

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agreement, which is incorporated herein by reference, on May 4, 1998 ("Settlement Agreement"). 6. The BoRROwER entered into a Water Rights Purchase and Sale Agreement ("Purchase AgreemenY') with Box Springs and individual shareholders of the Box Springs Canal and Reservoir Company (hereinafter collectively referred to as "Box Springs Sellers") on September 30, 1997, for the purchase of the Box Springs Water Rights, and executed two addenda to the Purchase Agreement on February 13, 1998 and April 15, 1998, respectively. The amended Purchase Agreement is incorporated herein by reference. Under the terms of the Purchase Agreement, the BoRROwER will acquire the Box Springs Water Rights in two increments, to be conveyed by two separate deeds. The BoRROwER will pay for the first increment with his personal funds, and will pay for the second increment using a portion of the proceeds of this loan. 7. At its July 21-22, 1997 meeting, the CWCB approved a loan from the Horse Creek Basin Account to the BORROWER I� the amount of $90,000, not to exceed the total cost of the PROJECT, at an interest rate of 4.1 % per annum and for a term of 30 years, to finance the PROJECT, contingent upon the settlement of Case No. 97CW010 and upon the CWCB staff reviewing an appraisal of the Box Springs Water Rights as part of its feasibility determination. At its November 24-25, 1997 meeting, after being informed that the Department of Natural Resources Controller would not authorize a loan to the BoRROwER without General Assembly approval of the loan, the CWCB amended its approval of this loan to provide that the loan shall be from the Small Project Loan Account because such a delay would result in undue hardship on the BoRROwER. 8. The STaTE has reviewed a feasibility report prepared by HRS Water Consultants, Inc. and an appraisal of the Box Springs Water Rights prepared by that firm, and, based upon said report and appraisal, the STATE determined the PRO�ECT to be technically and financially feasible. 9. The STaTE and the BoRROwER acknowledge and understand that the PRO�ECT is not a public project and does not involve public works. NOW THEREFORE, in consideration of the mutual and dependent covenants contained, the parties agree as follows: A. The BoRROwER agrees as follows: 1. Time For PRO�ecT Completion. The BoRROwER recognizes that time is of the essence in the performance of all of its obligations under this contract. Therefore, the BORROWER Shall complete the Project transactions no later than six (6) months from the date of this contract. The time for completion may be extended subject to the approval of the STATE. The BoRROwER must provide, in writing, documented justification for any request for extension sixty (60) days prior to the end of the period for completion. 2. BORROWER�S Illde171111fIC8tlOt1 Of STATE. The BoRROwER agrees to indemnify and hold the STATE h8�17112SS f�0171 e�y 118b111�/ If1CU�P2d by th2 STATE aS e PeSUIt Of th2 STATE's interest in the property identified in the Collateral Provisions of this contract. 3. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE, the BoRROwER shall submit to the STaTE a letter from its attorney stating that it is the attorney's opinion that there are no provisions of any state or local law that prevent this contract from Rodney J. Preisser Page 2 of 9 Loan Contract