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of $3,560,333 with annual payments of $170,104 with an interest rate of 2.5% per <br /> annum and a term of 30 years. The loan has an estimated maturity date of 2041 <br /> and is in good standing. <br /> SECTION 6—COLLATERAL <br /> The SECURITY provided for this loan, as evidenced by the executed SECURITY <br /> AGREEMENT (APPENDIX 4), DEEDS OF TRUST (APPENDIX 5A AND 5B) and Stock <br /> Assignments (APPENDICES 6a and 6b) and incorporated herein, shall be a pledge <br /> of well augmentation fee assessment revenues backed by an assessment <br /> covenant and an undivided one hundred percent (100%) interest in the water shares <br /> purchased with the loan proceeds as more particularly described in the attached <br /> DEEDS OF TRUST(APPENDIX 5A and 5B). <br /> SECTION 7— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> No Construction. CWCB and BORROWER hereby acknowledge and agree that the <br /> PROJECT does not include a construction component and that the distribution of loan <br /> proceeds will incur at a closing for the purchase of the WATER RIGHTS. <br /> SECTION 8—"CONSTRUCTION FUND PROGRAM" PROCEDURES FOR WATER PURCHASE <br /> PROJECTS <br /> A. The BORROWER shall submit, in writing, copies of the sales agreement and the <br /> appraisal for the WATER RIGHTS or opinion of value from a qualified water rights <br /> appraiser supporting the purchase price prior to disbursal of loan funds including, <br /> but not limited to, the name of the seller, cost, closing date, appraisal value and <br /> support documentation prior to disbursal of loan funds. <br /> B. The BORROWER shall pay all of the expenses related to the PROJECT when such bills <br /> are due. <br /> SECTION 9—ELIGIBLE EXPENSES FOR WATER PURCHASE PROJECTS. <br /> A. Engineering associated with the feasibility report prepared as a requirement for this <br /> loan and associated with evaluating the suitability of the water rights for purchase by <br /> the BORROWER. <br /> B. Interest during completion of the PROJECT 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 <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 8A 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 <br /> Appendix 1 <br /> Page 2 of 3 <br />