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5.3.3.5. Including the $4,565,000 principal balance, the <br /> total amount clue to the CWCB immediately upon the sale of the <br /> Running Iron Ranch at the end of the initial twenty (20)year Planning <br /> Period will be $8,746,859.70. <br /> 5.3.4. Actual payment to the CWCB to satisfy the amount the CWCB <br /> is entitled to as described in Paragraph 5.3.3 herein shall be based on the actual <br /> sale price of the Running Iron Ranch, as further described below: <br /> 5.3.4.1. If the sale price of Running Iron Ranch is less than <br /> to the principal amount of Loan B ($4,565,000), the PAWSD shall pay <br /> to the CWCB all monies received from the Running Iron Ranch sale. <br /> The PAWSD shall also immediately pay to the CWCB the difference <br /> between the sale price and the principal due on Loan B. <br /> 5.3.4.2. If the sale price of the Running Iron Ranch is equal <br /> to the principal amount of Loan B ($4,565,000), the PAWSD shall pay <br /> to the CWCB all monies received from the Running Iron Ranch sale. <br /> 5.3.4.3. If the sale price is between the principal amount of <br /> Loan B ($4,565,000) and $8,746,859.70 (which amount is derived from <br /> the explanation of Paragraph 5.3.3), then the PAWSD shall pay to the <br /> CWCB all monies received from the sale of the Running Iron Ranch to <br /> cover all amounts described in Paragraphs 5.3.3.1 through 5.3.3.4 <br /> above,inclusive. <br /> 5.3.4.4. If the sale price of the Running Iron Ranch is <br /> greater than the total amount described in Paragraphs 5.3.3.1 through <br /> 5.3.3.4 above, inclusive ($8,746,859.70), then the PAWSD shall pay to <br /> the CWCB this total amount. In addition, any amount in excess of the' <br /> ai count owed to the CWCB shall be split between the CWCB and <br /> PAWSD as follows:50% to the CWCB and 50% to the PAWSD. <br /> 5.4. Sale of Running Iron Ranch during any Extended Planning Period: G <br /> 5'4.1. At any time after the Planning Period expires, twenty (20)years <br /> from the date that the contract for Loan A is signed, the PAWSD in its sole <br /> discretion, after consultation with the CWCB and SJWCD, shall have the option to <br /> abandon the Project and sell the Running iron Ranch to repay the PAWSD and <br /> SJWCD debt. <br /> 5.4.2. Loan A will be paid off in full and the only remaining PAWSD <br /> debt to the CWCB will be the remaining principal balance of Loan B, the appraised <br /> value of Running Iron Ranch less any principal payments. <br /> Page 9 of 14 <br />