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4. Proiect Planning Period. <br /> 4.1. The twenty (20) year repayment term for Loan A will become the <br /> planning period for PAWSD and SJWCD to develop the Project ("Planning Period"). <br /> 4.2. At the end of the twenty (20) year Planning Period, or twenty (20) <br /> years from the date that the contract for Loan B is signed, the PAWSD, after <br /> consultation with the CWCB and the SJWCD, may elect to extend the Project <br /> planning period an additional one (1) to twenty (20) years ("Extended Planning <br /> Period")or may elect to abandon the Project. <br /> 4.2.1. If the PAWSD elects to extend the Planning Period, it shall <br /> begin annual payments on the principal and interest for Loan B pursuant to the <br /> terms of the contract for Loan B. <br /> 4.2.2. The PAWSD may decide to abandon the Project and sell the <br /> Running Iron Ranch pursuant to the terms of Paragraph 5 below. <br /> 4.3. At the end of the Planning Period, if the Project is not constructed, the <br /> PAWSD must provide the CWCB and SJWCD with written notice pursuant to the <br /> provisions herein of the PAWSD's decision either to extend the Planning Period or <br /> abandon the Project and sell the Running Iron Ranch. <br /> 4.4. Use of Project water and water court diligence proceedings: <br /> 4.4.1. The Parties agree that it is in all Parties' best interests to <br /> protect the conditional water rights associated with the Project and each Party <br /> agrees to cooperate with the others to accomplish this goal. <br /> 4.4.2. The Parties'cooperation includes, but is not limited to: <br /> 4.4.2.1. PAWSD agrees to acknowledge the Project and its <br /> attendant conditional water rights as a preferred option for its long <br /> ;7- term planning; <br /> 4.4.2.2. PAWSD agrees 'to include the Project and its <br /> attendant conditional water rights in the PAWSD's planning <br /> documents as a principal storage option for future water demand <br /> growth that cannot be met by existing reservoirs; <br /> 4.4.2.3. PAWSD commits to an ongoing evaluation of future <br /> water purchases from the Project based on long-term demand <br /> projections, an evaluation of costs, and viable alternative sources of <br /> existing water; <br /> Page 5 of 14 <br />