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2.2.7. PAWSD shall provide the CWCB with an annual report <br /> regarding leakage reduction and prevention measures that have been accomplished <br /> that year no later than September 1 of each year. <br /> 2.2.8. Loan A Security: The security for Loan A shall consist of: <br /> 2.2.8.1. A Pledge of Revenues backed by a Rate Covenant <br /> from the PAWSD; and <br /> 2.2.8.2. A lien on the entire Running Iron Ranch. <br /> 2.3. The remaining outstanding principal balance of the Loan equals the <br /> approved appraised value of the Running Iron Ranch and will be converted into a <br /> separate Loan B. <br /> 2.4. Loan B: <br /> 2.4.1. The principal balance of Loan B will equal the approved <br /> appraised value of the Running Iron Ranch ($4,565,000). <br /> 2.4.2. Loan B will have a forty (40) year term. <br /> 2.4.3. The first twenty (20) years of Loan B's term will incur no <br /> interest and no payment. <br /> 2.4.4. Beginning on the twentieth (20th) anniversary of the Loan B <br /> contract, Loan B will be amortized for twenty (20) years at an interest rate of 3.5%. <br /> The annual payment for Loan B will be $321,198.32. <br /> 2.4.5. Loan B Security: The security for Loan B shall consist of: <br /> 2.4.5.1. A Pledge of Revenues backed by a Rate Covenant <br /> from the PAWSD; and <br /> 2.4.5.2. A lien on the entire Running Iron Ranch. <br /> 3:::' SJWCD Grant Amendment. <br /> 3.1. Concurrent with restructuring the Loan as described in Paragraph 2, <br /> the CWCB shall complete an amendment to the Grant. If the Project is not <br /> constructed, the Grant amendment will require PAWSD and SJWCD to return the <br /> $1,000,000 grant funds Running Iron Ranch and compensate the CWCB for interest <br /> at: the rate of 3.5% pursuant to the provisions of Paragraph 5. If the Project is <br /> constructed, the Grant shall remain a grant, and principal and interest shall not be <br /> repaid to CWCB, and the funds from the Grant shall remain as the SJWCD's vested <br /> interest in the Project. <br /> Page 4 of 14 <br />