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,', and add the amount of such expenditures to the principal of the loan amount; c. apply the funds contained in the CD ACCOUNT to repayment of the loan; d. act upon the promissory note and security interest; e. take any other appropriate action. All remedies described herein may be simultaneously or selectively and successively enforced. The provisions of this contract may be enforced by the STATE at its option without regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to require specific performance of this contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE to ensure compliance with provisions of this contract and the laws and regulations under which this contract is executed. The STATE'S exercise of any or all of the remedies described herein shall not relieve the BORROWER of any of its duties and obligations under this contract. 16. Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic progress report which contains a statement of the PROJECT construction costs expended for that period and shall forward said report to the STATE. 17. Periodic inspection~;"T'hroughout the term of this contra representative ofthe STATEtdmake periodic inspection for the purpose of verifyingcompfiance with the term an such inspections st@li'covetthe'conditiQn of the R and financial records, and 'shall not be construed nor and/or construction of a~WelementofthePROJECT faciliti ;~"~~!':~ ~;;~ WER shall permit a designated Such inspections are solely this contract. Furthermore, ecords, maintenance records, an approval of the actual design 18. Adhere to applicable laws.'Th~'BO~BQW9R local laws and regulations that are in effector m contract. ere to all applicable federal, state, and be established throughout the term of this <"\ 19. No discrimination of services. eso sald'PROJECT shall be made available within its capacity and in accordance with a 'nent statutes, rules and regulations, and operational guidelines ,to all persons in the BORRO service area without discrimination as to race, color, religion, or national origin at reasonable ,ges (including assessments or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. . C. The STATE and the BORROWER mutually agree as follows: 1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is hereby designated as the agent of the STATE for the purpose of this contract. 2. Contract is not assignable. This contract is not assignable by the BORROWER except with the prior written approval of the STATE. 3. Contract relationship. The parties to this contract intend that the relationship between them contemplated by 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 STATE. 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 performance of this contract. 4. 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 The Consolidated Extension Canal Company Page 7 of 11 Loan Contract