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permit a designated representative of the CWCB to make periodic inspections of the <br />PRO�ECr. Such inspections shall cover the condition of the PRO�ECT, operating recc�tds, <br />maintenance records, and financiat recards. These inspections are solely for the <br />purpose of verifying compliance with the teRns and conditions of this contract and shall <br />not be construed nor interpreted as an approval of the actual design, construction or <br />operation of any eiement of the PRO�ECT facilities. <br />2. Applicable Laws. The BoRROwER shall strictty adhere to all applicable federal, state, <br />and local laws and regulations that are in efFect or may hereafter be established <br />throughout the term of this contract. <br />3. Designated Agen# Of The CWCB. The CWCB's employees are designated as the <br />agents of the CWCB for the purpose of this contract. <br />4. Assignment. The BoRROwER may not assign this contract except with the prior written <br />approval of the CWCB. <br />5. Contract Relationship. The parties to this contract intend that the relationship <br />between them under this contract is that of lender-borrower, not employer-employee. <br />No agent, employee, or servant of the BoRROwER shall be, or shall be deemed to be, an <br />employee, agent, or servant of the CWCB. The BoFtROVVER shall be solely and entirety <br />responsible for its acts and the acts of its agents, emptoyees, servants, engineering <br />firms, construction firms, and subcontractors during the term of this contract. <br />6. Integration of Terms. This contract is intendec! as the complete integration of al{ <br />understandings between the parties. No prior or contemporaneous addition, deletion, or <br />other amendment hereto shatl have any force or effect whatsoever unl�ss embodied <br />herein in writing. No subsequent novation, renewal, addition, deletion, or other <br />amendment hereto shall have any force or effect unless embodied in a written contract <br />executed and approved pursuant to Srn� fiscal rules, unless expressly provided for <br />herein. <br />7. Controlling Terms. In the event of conflicts or inconsistencies befin►een the terms of <br />this contract and conditions as set forth in any of the appendices, such conflicts or <br />inconsistencies shall be resolved by reference to the documents in the following order of <br />priority: (1) Cotorado Special Provisions, (2) the remainder of this contract, and (3) the <br />Appendices. <br />8. Casualty and Eminent Domain. If, at any time, during the term of this contract, (a) the <br />BORROWER'S PROJECT fSCII1tIPS, including buildings or any po�tion thereof, are damaged <br />or destroyed, in whole or in part, by fire or other casualty, or (b) ti�e to or use of the <br />PRO�ECT facilities or any part thereof shall be taken under the exercise of the power of <br />eminent domain, the BoRROwER sha11 cause the net proceeds of any insurance claim or <br />condemnation award to be applied to the prompt replacement, repair and restoration of <br />the PRO��cr facitities or any portion thereof, or to repayment of this loan. Any net <br />proceeds remaining after such work has been completed or this loan has been repaid, <br />shall be retained by the BoRROwER. If the net insurance proceeds are insufficient to pay <br />the full cost of the replacement, repair and restoration, the BoRROwER shall oomplete <br />the work and pay any cost in excess of the net proceeds. In the evenf BoRROw�R <br />Page 7 of 11 <br />