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<br />. <br /> <br />.. <br /> <br />GRANT CONTRACT <br />Santa Maria Reservoir Company <br />Feasibility Study <br /> <br />3b. (State will pay 45% of each statement costs): Upon receipt and approval by the <br />State of each such statement, the State will, within thirty (30) days from the approval of <br />such statement, pay over to the Grantee forty five percent (45%) of the amount of the <br />statement or such portion thereof as has been approved by the State. <br /> <br />3c. (State will pay 5% retainage when study is done): The remaining five percent <br />(5%) will be paid to the Grantee within thirty (30) days following receipt and acceptance <br />by the State of the fmal written report specified in paragraph 2. of this contract. <br /> <br />4. (The Total cost will not exceed $30,000): The total cost to the State for the services <br />to be rendered to the Grantee by the Grantee's Consultant and the Grantee's drilling contractor <br />shall not exceed Thirty Thousand Dollars ($30,000). <br /> <br />5. (RESOLUTION OF THE GRANTEE): <br /> <br />Pursuant to its Articles of Incorporation and its By-laws, the Grantee shall have its Board <br />of Directors or its Stockholders adopt an order or a resolution: <br /> <br />Authorizing the Grantee to enter into this contract with the State. <br /> <br />Such order or resolution shall be attached hereto as Appendix B and included herein prior to <br />the State performance under this contract. <br /> <br />6. (GRANTEE WARRANTIES): <br /> <br />6a. The Grantee warrants that it has full power and authority to enter into this Contract. <br />The execution and delivery of this Contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the Grantee. <br /> <br />6b. The Grantee warrants that by accepting a grant pursuant to the terms of this Contract <br />and by the Grantee's representations herein, the Grantee shall be estopped from asserting for <br />any reason that it is not authorized or obligated to abide by the terms and conditions of this <br />Contract to the State. <br /> <br />6c. The Grantee warrants that, other than a bona fide employee working solely for him <br />and the Consultant referred to in paragraph I. of this contract, Grantee has not employed or <br />retained any company or person, to solicit or secure this contract and that he has not paid or <br />agreed to pay any person, company, corporation, individual, or firm, any fee, commission, <br />percentage, gift, or other consideration contingent upon or resulting from the award or the <br />making of this contract. <br /> <br />Page 3 of 7 Pages <br />