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witho t regard to prior waivers of previous defaults by the BORROWER, through judicial <br />proce dings to require specific performance of this contract, or by such other proceedings <br />in la or equity as may be deemed necessary by the STATE to ensure compliance with <br />provi ons of this contract and the laws and regulations under which this contract is <br />exec ed. The STATE's exercise of any or all of the remedies described herein shall not <br />reliev the BORROWER of any of its duties and obligations under this contract. <br />16. Progr iss Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a <br />period c progress report which contains a statement of the PROJECT costs expended for that <br />period and shall forward said statement to the STATE. <br />17. Perio is Inspections. Throughout the term of this contract, the BORROWER shall permit a <br />desig ated representative of the STATE to make pedo tie inspections of the PROJECT. Such <br />inspe tions are solely for the purpose of verifying Qompliance with the terms and conditions <br />of thi contract. Furthermore, such inspections Shall coyer the condition of the PROJECT, <br />opera ing records, maintenance records, and financial 4cords, and shall not be. construed <br />nor in erpreted as an approval of the actual design and /or construction of any element of the <br />PROD CT facilities. �� <br />18. Adh a To Applicable Laws. The BORROWER sha�f strictly adhere to all applicable federal, <br />state, and local laws and regulations that are in effect or may hereafter be established <br />throw 1hout the term of this contract. <br />19. No E iscrimination Of Services. Th servi s of said PROJECT shall be made available <br />withi its capacity and in accordance pertinent statutes, rules and regulations, and <br />oper, tional 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 />char es formally adopted by tl} ,BoiwER, as may be modified from time to time. <br />B. The TATE agrees as follows: <br />1. Agr ement To Loan Money. The STATE agrees to loan to the BORROWER an amount not to <br />exc ed that specified in the Promissory Note Provisions of this contract. <br />2. Dis ursements. After receipt of the periodic progress report from the BORROWER, and <br />revi w and acceptance of the items therein as eligible expenses as described below, the <br />STA E will pay to the BORROWER the amount set forth in the report or such portion that has <br />bee approved by the STATE. Such payment shall be made within thirty (30) days from the <br />STA E's approval of each progress report. <br />3. Rel 3.-ase After Loan Is Repaid. Upon complete repayment to the STATE of the entire <br />prin -ipal, all accrued interest, and late charges, if any, as specified in the promissory note, <br />the STATE agrees to execute a release of deed of trust to convey to the BORROWER all of the <br />ST E's right, title, and interest in and to the property described in the deed of trust, and to <br />file UCC -3 form with the Secretary of State to terminate all of the STATE's rights in and to <br />the revenues pledged to repay this loan. <br />C. Thf STATE and the BORROWER mutually agree as follows: <br />Ryan GpIch Reservoir Company Page 8 of 13 Loan Contract <br />