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<br />3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal, <br />all accrued interest, and late charges, if any, as specified in the promissory note. the STATE <br />agrees to execute a release of security agreement to terminate all of the STATE'S rights in and to <br />the pledged revenues and a release of deed of trust to terminate all of the STATE'S right. title and <br />interest in and to the COLLATERAL. <br /> <br />C. The STATE and the BORROWER mutually agree as follows: <br /> <br />1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is <br />hereby designated as the agent of the STATE for the purpose of this contract. <br /> <br />2. Contract is not assignable. This contract is not assignable by the BORROWER except with the <br />prior written approval of the STATE. <br /> <br />3. Contract relationship. The parties to this contract intend that the relationship between them <br />contemplated by this contract is that of lender-borrower, not employer-employee. No agent, <br />employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, <br />or servant of the STATE. The BORROWER will be solely and entirely responsible for its acts and <br />the acts of its agents, employees, servants, engineering firms, construction firms, and <br />subcontractors during the performance of this contract. <br /> <br />4. Complete integration of all understandings. This agreement is intended as the complete <br />integration of all understandings between the parties. No prior or contemporaneous addition, <br />deletion. or other amendment hereto shall have any force or effect whatsoever unless embodied <br />herein in writing. No subsequent novation, renewal, addition, deletion, or other amendment <br />hereto shall have any force or effect unless embodied in a written contract executed and <br />approved pursuant to STATE fiscal rules, unless expressly provided for herein. <br /> <br />5. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver of <br />any other term, or of any subsequent breach of the same term. <br /> <br />6. Eligible expenses. PROJECT costs eligible for financing by the STATE shall be limited to 75% of <br />the cost of: <br /> <br />a. Preparing final designs and specifications for the PROJECT. <br /> <br />b. Preparing bid and construction contract documents. <br /> <br />c. Preparing environmental assessment or environmental impact statements, and otherwise <br />complying with the Federal National Environmental Policy Act. <br /> <br />d, Complying with all federal, state, and local regulatory requirements, including the obtaining of <br />all required permits. <br /> <br />e. Fish and wildlife mitigation measures required by federal, state, or local laws and regulations. <br /> <br />f. Actual construction as called for in the design documents and in change orders approved by <br />the STATE, the BORROWER, the CONSULTANT and the CONSTRUCTION FIRM. <br /> <br />g. Engineering services for construction management, including design and construction <br />management for STATE-approved change orders. <br /> <br />h. Legal services for reviewing engineering services contracts, reviewing this contract, reviewing <br />construction contract documents, and for complying with all federal, state, and local <br />regulatory requirements. <br /> <br />7. STATE may release contract at its option. In its sole discretion, the STATE may at any time give <br />any consent, deferment, subordination, release, satisfaction, or termination of any or all of the <br /> <br />Town of Palisade <br /> <br />Page 7 of 11 <br />