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<br />18. Progress Reports. The CITY or the BORROWER shall, with the assistance of the <br />CONSULTANT, prepare a periodic progress report which contains a statement of the <br />PROJECT costs expended for that period and shall forward said statement to the STATE. <br /> <br />B. The STATE agrees asfollows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not <br />to exceed that specified in the Promissory Note Provisions of this contract. <br /> <br />2. Disbursements. After receipt of the periodic progress reports from the CITY or the <br />BORROWER, and 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 <br />or such portion that has been approved by the STATE. Such payment shall be made <br />within thirty (30) days from the STATE'S approval of each progress report. <br /> <br />3. Release After Loan Is Repaid, Upon complete repayment to the STATE of the entire <br />principal, all accrued interest, and late charges, if any, as specified in the promissory <br />note, the STATE agrees to execute a release of all of the STATE'S right, title, and interest <br />in and to the revenues and accounts described herein. <br /> <br />C. The STATE, the CITY and the BORROWER mutually agree as follows: <br /> <br />1. Designated agent of the STATE. The CWCB, which includes its agents and <br />employees, is hereby designated as the agent of the STATE for the purpose of this <br />contract. <br /> <br />2. Contract is not assignable. This contract is not assignable by the CITY and/or the <br />BORROWER except with the prior written approval of the STATE. <br /> <br />3. Contract relationship. The parties to this contract intend that the relationship between <br />them contemplated by this contract is that of lender-borrower, not employer-employee. <br />No agent, employee, or servant of the CITY/BoRROWER shall be, or shall be deemed to <br />be, an employee, agent, or servant of the STATE. The CITY and the BORROWER will be <br />solely and entirely responsible for their acts and the acts of their agents, employees, <br />servants, engineering firms, construction firms, and subcontractors during the <br />performance of this contract. <br /> <br />4. Complete Integration Of All Understandings. This agreement is intended as the <br />complete integration of all understandings between the parties. No prior or <br />contemporaneous addition, deletion, or other amendment hereto shall have any force or <br />effect whatsoever unless embodied herein in writing. No subsequent novation, renewal, <br />addition, deletion, or other amendment hereto shall have any force or effect unless <br />embodied in a written contract executed and approved pursuant to STATE fiscal rules, <br />unless expressly provided for herein. <br /> <br />5. In Event Of A Conflict. In the event of conflict between the terms of this contract and <br />conditions as set forth in any of the appendices, the provisions of this contract shall <br />control. <br /> <br />6. Waiver. The waiver of any breach of a term of this contract shall not be construed as a <br /> <br />City of Lovelafld and City of Loveland, <br />Colorado, Water Enterprise <br /> <br />Page 10 of 15 <br />