Laserfiche WebLink
nor interpreted as an approval of the actual design and/or construction of any element of the <br />PRO~ECT facilities. <br />18.Adhere To Applicable Laws. The BoRROwER shall strictly adhere to all applicable federal, <br />state, and local laws and regulations that are in effect or may hereafter be established <br />throughout the term of this contract. <br />19. No Discrimination Of Services. The services of said PRO~ECr shall be made available <br />within its capacity and in accordance with all pertinent statutes, rules and regulations, and <br />operational guidelines to all persons in the BoRROwER's service area without discrimination <br />as to race, color, religion, or national origin at reasonable charges (including assessments or <br />fees), whether for one or more classes of service, in accordance with a schedule of such <br />charges formally adopted by the BoRROwER, as may be modified from time to time. <br />B. The STaTE agrees as follows: <br />1. Agreement To Loan Money. The STaTE agrees to loan to the BoRROwER an amount up to <br />$230,000, not to exceed 75% of the cost of the PRO~ECT, at an interest rate of 3.75% per <br />annum for a term of thirty years. <br />2. Disbursements. After receipt of the periodic progress report from the BORROWER, and <br />review and acceptance of the items therein as eligible expenses as described below, the <br />SraTE will pay to the BoRROwER the amou~t set forth in the report or such portion that has <br />been approved by the STATE. The STaTE shall make such payment within thirty (30) days <br />from the STaTE's approval of each progress report. <br />3. Release After Loan Is Repaid. Upon complete repayment to the STaTE of the entire <br />principal and any accrued interest as specified in the Promissory Note, the STaTE agrees: <br />a. To execute UCC-3 forms to terminate all of the STATE'S rights in and to the revenues <br />pledged to repay this loan and to the Excelsior shares; <br />b. To execute releases of the security agreements and deeds of trust; and <br />c. To return the Excelsior shares and stock assignments to EVANS. <br />C. Tli@ STATE, the BORROWER, and Evarvs mutually ac~ree as follows: <br />1. Designated AQent Of The STaT=. The CWCB, wh~~h includes its ag~:-~#s ~rd em~!cy~es, is <br />hereby designated as the agent of the STaTE for the purpose of this contract. <br />2. Contract Is Not Assignable. This contract is not assignable by the BoRROwER except with <br />the prior written approval of the STaTE. <br />3. Contract Relationship. The parties to this contract intend that the relationship befinreen <br />them contemplated by this contract is that of lender-borrower, not employer-employee. No <br />agent, employee, or servant of the BoRROwER shall be, or shall be deemed to be, an <br />employee, agent, or servant of the STaTE. The BoRROwER shall be solely and entirely <br />responsible for its acts and the acts of its agents, employees, servants, engineering firms, <br />Excelsior IRigating Company Page 9 of 15 loan Contract <br />