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l__I LOAN CONTRACT Beaver Park Yater, lnc. Feasibility Study 11. (OTHER PROVISIONS): � lla. (The Colorado Water Conservation Board is designated agent of the State): The Colorado Water Conservation Board, its agents and employees, is hereby designated as the agent of the State for the purpose of this contract. 11b. (Contract is not assignable): This contract is personal in nature and assignment of performance by the Bonower to another is prohibited unless prior approval in writing is granted by the State. 11c. (Contract relationship is that of lender-borrower): The parties to this contract intend that the relationship between them contemplated by this contract is that of lender-borrower, not employer-employee nor principal-agent. No agent, employee, or servant of the Borrower shall be, or emed to be, an employee, agent, or servant of the State. The Borrowe and entirely responsible for its acts and the acts of its agents, employee�s s, en i ring firms, construction firms, and subcontractors during the performa c r ct. lld. (Contract is a compl �g �on 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 ernbodied herein in writing. No subsequent notation, 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. lle. (State may release contract at its option): In its sole discretion, the State may at any time �nd in writing give any consent, deferment, subordination, release, satisfaction, or termination of any or all of the Borrower's obligations under this agreement, with or without valuable consideration, upon such terms and conditions as the State may determine to be: (a) advisable to further the purposes of this contract or to protect the State's financial interest therein, and (b) consistent with both the statutory purposes of this contract and the limitations of the statutory authority under which it is made. 11d. (Borrower to hold the State harmless): The Borrower agrees to indemnify and hold the State harmless from any liability as a result of the State's security interest Page 7 of 10 Pages