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<br />,,'""" <br />' 'J <br /> <br />LOAII COIITRACT <br />Beaver Park Water. Inc. <br />Feasibility Study <br /> <br />NOW TIlEREFORE, it is hereby agreed that: <br /> <br />That the captions and headings contained in this contract are for convenience and <br />reference only and shall not be construed SO as to define or limit the terms or <br />provisions contracted here in. <br /> <br />1. The Borrower shall have a feasibility report prepared on how the Brush <br />Hollow Dam can be repaired. The State has approved a proposal for the project <br />feasibility report prepared by the consulting engineering firm of Woodward-Clyde <br />Consultants (the Consultant). This proposal is attached hereto as Appendix A and <br />made a part of this contract. <br /> <br />2. Three (3) copies of the final report prepared in compliance with the <br />Consultant's proposal shall be furnished to the State not later than Ninety (90) days <br />after the date of this contract, unless such time is extended by mutual agreement of the <br />parties hereto in writing. <br /> <br />3, The State shall loan the Borrower the monies to pay for the services of the <br />Borrower's Consultant to prepare the final report of the feasibility study. The State <br />shall loan to the Borrower..the sum of Seventy-Five Thousand Dollars ($75,000) in the <br />manner following: <br /> <br />3a, Sixty percent (60%), to wit, Forty-Five Thousand Dollars ($45,000) of the <br />total amount due in two (2) monthly installments Twenty-Two Thousand Five <br />Hundred Dollars ($22,500) each, The first such payment shall be made ten (10) <br />days after the date of this contract. <br /> <br />3b, The remaining forty percent (40%), to wit, Thirty Thousand Dollars ($30,000) <br />within fifteen (15) days following receipt and acceptance by the State of the <br />written report specified in paragraph 2, of this contract. <br />. <br /> <br />4, The total cost to the State for the services to be rendered to the Borrower by <br />the Consultant shall not exceed Seventy-Five Thousand Dollars ($75,000). <br /> <br />5, (RESOLUTION OF THE BORROWER): <br /> <br />Pursuant to its Articles of Incorporation and its By-laws, the Borrower shall have <br />its Board of Directors adopt an order or a resolution: <br /> <br />Page 2 of 10 Pages <br />