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J. PROJECT-related expenses incurred prior to the Effective Date of this CONTRACT in accordance <br /> with the approval of this loan. <br /> SECTION io-DISBURSEMENT SCHEDULE <br /> For project expenses: The BORROWER shall prepare a periodic progress report that sets forth a <br /> statement of the PROJECT costs expended for that period and shall forward said statement to <br /> the CWCB.After receipt of the periodic progress report from the BORROWER, and review and <br /> acceptance of the items therein as eligible expenses,as described above, the CWCB will pay to <br /> the BORROWER the amount set forth in the report or such portion as has been approved by the <br /> CWCB. Such payment shall be made within thirty (30) days from the CWCB's approval of <br /> each progress report. <br /> and <br /> For a water rights purchase:the BORROWER shall prepare a written request for funds that shall <br /> describe the upcoming closing on water rights purchase including, but not limited to, the <br /> name of the seller, cost, closing date, and appraisal value and support documentation in the <br /> form of copies of the sales agreement and the appraisal pursuant to Section 8(a) above. After <br /> receipt of the written request from the BORROWER, and review and acceptance of the items <br /> therein as eligible expenses as described above, the CWCB will pay to the BORROWER the <br /> amount set forth in the request or such portion that has been approved by the CWCB. Such <br /> payment shall be made within thirty(30)days from the CWCB's approval of each request. <br /> SECTION ii-TIME FOR PERFORMANCE <br /> PROTECT To BEGIN:Upon Effective Date of this CONTRACT(the date this CONTRACT is signed by <br /> the State Controller or his designee). <br /> PROJECT To END:Three (3)years from the Effective Date of this CONTRACT. <br /> [THE REST OF THIS PAGE INTENTIONALLY LEFT BLANK] <br /> Appendix i <br /> Page 4 of 4 <br />