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10. This contract controls if there is a conflict. In the event of conflict between the terms of this contract <br />and conditions as set forth in any of the appendices, provisions of this contract shall control. <br />11. Progress reports. The BORROWER shall prepare, with the assistance of the CONSULTANT, a progress <br />report which contains a statement of the actual PROJECT construction costs expended for that month and shall <br />forward said statement to the STATE. <br />12. Periodic inspections. The BORROWER shall permit the STATE to make periodic inspections of its <br />operations and accounts by a designated representative of the STATE. Any such inspections by the STATE are <br />solely for the purpose of verifying compliance with the terms and conditions of the contract and shall not be <br />construed nor interpreted as an approval of the actual design and /or construction of any element of the <br />PROJECT. <br />13. Appointment of AGENT. BORROWER designates Parna Etchart, hereinafter referred to as AGENT, of <br />69116 Highway 64, Meeker, CO 81641, as her agent to act for and on her behalf in performing the <br />nonfinancial obligations under this contract. Unless and until this special agency is revoked in writing, the <br />STATE shall be entitled to deal with the AGENT as to all things and matters relating to this contract, and her <br />actions so taken shall be binding upon the BORROWER; and <br />14. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local <br />laws and regulations that have been or may hereafter be established. <br />B. The STATE agrees as follows:, n <br />ti's "�?•, r��`' a 1 <br />1. Agreement to loan nfoney. The STATE agrees to low tp�t e Bob d !ER a; amount not to exceed that <br />specified in the promissoryr ote Irovisions of this contract a <br />. <br />2. Disbursements..:After receipt of the monthly pro.gfess, report from the BORROWER, and review and <br />acceptance of the ftgmf WeTein as eligible expenses as described below, the STATE will pay to the BORROWER <br />the amount of tl a %report or such portion that has been approved by the STATE. Such payment shall be made <br />within thirty (. O) day: from the approval of each monthly progress report. <br />3. Re feese afthr loan is repaid. Upon completion of repayment to the STATE of the entire principal and any <br />accrued int&d$,t as specified in the promissory note provisions of this contract, the STATE agrees to execute <br />a release Uf deed of trust to convey to the BORROWER all of the STATE's right, title, and interest in and to the <br />PROJECT - any other property described in Appendix A. <br />C. The STATE and the BORROWER mutually agree as follows: <br />1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is hereby <br />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 the prior <br />written approval of the STATE. <br />3. Contract relationship. The parties to this contract intend that the relationship between them <br />contemplated by this contract is that of lender- borrower, not employer - employee. No agent, employee, or <br />servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or servant of the STATE. The <br />BORROWER will be solely and entirely responsible for its acts and the acts of its agents, employees, servants, <br />engineering firms, construction firms, and subcontractors during the performance of this contract. <br />Caryl Carroll Page 6 of 11 Loan Contract <br />