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E. The parties to this contract intend that the relationship between them contemplated <br />by this contract is that of lender - borrower, not employer - employee. No agent, employee, <br />or servant of the Contractor shall be, or shall be deemed to be, an employee, agent, or <br />servant of the State. The Contractor will be solely and entirely responsible for its acts and <br />the acts of its agents, employees, servants, engineering firms, construction firms, and <br />subcontractors during the performance of this contract. <br />F. At all times during the performance of this contract, the Contractor shall strictly <br />adhere to all applicable federal, State, and local laws and regulations that have been or may <br />hereafter be established. <br />G. This agreement is intended as the complete integration of all understandings between <br />the parties. No prior or contemporaneous addition, deletion, or other amendment hereto <br />shall have any force or effect whatsoever unless embodied herein in writing. No subsequent <br />notation, renewal, addition, deletion, or other amendment hereto shall have any force or <br />effect unless embodied in a written contract executed and approved pursuant to State fiscal <br />rules. <br />H. In its sole discretion, the State may at a a�Griting give any consent, <br />deferment, subordination, release, satisfactio & erMi ,t#on of any or all of the <br />Contractor's obligations under this agreemen w wjfhoo' 4aluable consideration, upon <br />such terms and conditions as the State may e i 'ne - � : (a) advisable to further the <br />purposes of this contract or to protect the at% s ` ncial interest therein, and (b) <br />consistent with both the statutory purposes of tbis `,ontract and the limitations of the <br />statutory authority under which it is made. { <br />5 <br />I. Upon completion of repayment to the State in the amount of Seven Hundred Eighty <br />Thousand Six Hundred Dollars ($780,600), as set forth in paragraph A.13. above of this <br />contract, the State agrees to release the deed of trust described in paragraph A.14. above. <br />I The Colorado Water Conservation Board, its agents and employees, is hereby <br />designated as the agent of the State for the purpose of this contract. <br />K. The Contractor agrees and understands that sections 37 -60 -119 through 37 -60 -122, <br />CRS, as amended, require that the loan of money by the State to the Contractor for this <br />water project be conditioned upon the repayment of the loan to the State. The Contractor <br />hereby agrees to take any and all actions necessary to guarantee such repayment as provided <br />herein including, without being limited to, the actions specified in this contract. <br />L. The Contractor warrants that it has duly passed, or will pass, a Resolution (Exhibit A) <br />by its Board of Directors, as provided in applicable law, authorizing the Contractor to enter <br />into this contract with the State to borrow the principal sum of Four Hundred Thousand <br />Dollars ($400,000) and to perform all of its obligations under this contract. The Resolution <br />Page 8 of 11 pages <br />