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<br />2. Disbursements. The BORROWER shall submit a request for reimbursement of eligible Project <br />costs, and following review and acceptance of the items therein as eligible expenses as <br />described below, the STATE will pay to the BORROWER the amount set forth in the report or such <br />portion that has been approved by the STATE. Such payment shall be made within thirty (30) <br />days from the STATE'S approval of said request. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal <br />and any accrued interest as specified in the promissory note, the STATE agrees to execute <br />releases of the security agreement and Assignment of Deposit Account as Security, to file a <br />UCC-3 form with the Secretary of State to terminate all of the STATE'S rights in and to the <br />BORROWER'S right to receive the assessment revenues pledged to repay this loan and to release <br />to the BORROWER any unused funds contained in the CD ACCOUNT. <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 contrac . end that the relationship between them <br />contemplated by this contract i,S that of lender-b ,n~mployer-employee. No agent, <br />employee, or servant of the BORROWER shall be, I b~e~d to be, an employee, agent, <br />or servant of the STATE. The a'ORROWER sh"e elv~1tq~kely responsible for its acts and <br />the acts of its ~gents,. employees, . serva~, e~~g firms, construction firms, and <br />subcontractors dUring the performance of this CO~~ <br /> <br />4. Complete Integration Of All Understandin~s' agreement is intended as the complete <br />integration of all understandings between the P'riies. 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, with the exception of the Revision Letter as described in <br />the Changes Provision of this contract. <br /> <br />5. Eligible Expenses. PROJECT costs eligible for financing and/or refinancing by the STATE shall be <br />limited to 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 />River Oaks On The Roaring Fork <br />Property Owners Association, Inc. <br /> <br />Page 6 of 11 <br /> <br />Loan Contract <br />