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6. Loan Disbursements. The BORROWER shall provide to the CWCB a report prior to each loan disbursement that states the PROJECT tasks completed and the costs expended for that period. The CWCB shall disburse loan funds in accordance with Section 5, (Disbursement Schedule) of the Project Summary. C. GENERAL PROVISIONS 1. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a designated representative of the CWCB to make periodic inspections of the PROJECT. Said inspections shall cover the condition of the PROJECT, operating records, maintenance records, and financial records. These inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract and shall not be construed nor interpreted as an approval of the actual design, construction or operation of any element of the PROJECT facilities. 2. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 3. Designated Agent Of The CWCB. The CWCB's agents and employees are hereby designated as the agents of the CWCB for the purpose of this contract. 4. Contract Is Not Assignable. The BORROWER may not assign this contract except with the prior written approval of the CWCB. 5. Contract Relationship. The parties to this contract intend that the relationship between them under this contract is that of lender-borrower, not employer-employee. No agent, employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or servant of the CWCB. The BORROWER shall be solely and entirely responsible for its acts and the acts of its agents, employees, servants, engineering firms, construction firms, and subcontractors during the term of this contract. 6. Complete Integration Of All Understandings. This agreement is intended as the complete integration of all understandings between the parties. No prior or contemporaneous addition, deletion, or other amendment hereto shall have any force or effect whatsoever unless embodied herein in writing. No subsequent novation, renewal,addition, deletion, or other amendment hereto shall have any force or effect unless embodied in a written contract executed and approved pursuant to STATE fiscal rules, unless expressly provided for herein. 7. In Event Of A Conflict. In the event of conflict between the terms of this contract and conditions as set forth in any of the appendices, the provisions of this contract shall control. 8. CWCB May Release Contract. In its sole discretion, the CWCB may at any time give any consent, deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S obligations under this contract, with valuable consideration, upon such terms and conditions as the CWCB may determine to be advisable to further the purposes of this contract or to protect the CWCB's financial interest therein, and consistent with both the statutory purposes of this Contract and the limitations of the statutory authority under which it is made. 9. Casualty and Eminent Domain. If, at any time, during the term of this contract, (a) the BORROWER'S PROJECT facilities, including buildings or any portion thereof, are damaged or destroyed, in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT facilities or any part thereof shall be taken under the exercise of the power of eminent domain, the BORROWER shall cause the net proceeds of any insurance claim or condemnation award to be North Poudre Irrigation Company Page 7 of 11 Loan Contract