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2. Disbursements. The BoRROwER shall request in writing the amount of loan funds needed for <br />each disbursement, including in the request the purpose for the disbursement. Upon the <br />STATE's review and approval of the request, the STATE shall disburse the a�roved amount to <br />the BoRROwER within twenty days of its receipt of the written request. `�� '' ,� _ <br />� r:� <br />3. Release After Loan Is Repaid. Upon complete repayment tp -tk�e S`�T� o� �*` ntire <br />principal, all accrued interest, and late charges, if any, as specifi e c f i�<� he :omiss�` , the <br />STATE agrees to execute a release of the deed of trust to convey to �ie �" ,� _R all of the <br />STATE's right, title, and interest in and to the security provided for this loar�� t;,� � <br />, �:. � <br />C. The STaTE and the BoRROwER mutually agree as follows: <br />1. Designated Agent Of The SraTe. The CWCB, which includes its agents and employees, 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 between them <br />contemplated by this contract is that of lender-borrower, not employer-employee. No agent, <br />employee, or servant of the BoRROwER shall be, or shall be deemed to be, an employee, <br />agent, or servant of the STATE. The BoRROwER shall be solely and entirely responsible for its <br />acts and the acts of its agents, employees, servants, engineering firms, construction firms, <br />and subcontractors during the performance of this contract. <br />4. Complete Integration Of All Understandings. This agreement is intended as the complete <br />integration of all understandings between the parties. No prior or contemporaneous addition, <br />deletion, or other amendment hereto shall have any force or effect whatsoever unless <br />embodied herein in writing. No subsequent novation, renewal, addition, deletion, or other <br />amendment hereto shall have any force or effect unless embodied in a written contract <br />executed and approved pursuant to STaTE fiscal rules, with the exception of the Revision <br />Letter as described in the Changes Provision of this contract. <br />5. Eligible Expenses. PRO�ECT costs eligible for financing by the STaTE shall be limited to the <br />costs of the purchase price of the Box Springs Water Rights and of the compensation to Reid <br />for 550 acre-feet of consumptive use as required by the Settlement Agreement. <br />6. STaTe May Release Contract. In its sole discretion, the STaTE may at any time give any <br />consent, deferment, subordination, release, satisfaction, or termination of any or all of the <br />BORROWER's obligations under this contract, with valuable consideration, upon such terms and <br />conditions as the STaTE may determine to be advisable to further the purposes of this contract <br />or to protect the STATE's financial interest therein, and consistent with both the statutory <br />purposes of this contract and the limitations of the statutory authority under which it is made. <br />7. Captions. The captions and headings contained in this contract are for convenience and <br />reference only and shall not be construed so as to define or limit the terms or provisions <br />contracted herein. <br />8. Waiver. The waiver of any breach of a term of this contract shall not be construed as a <br />waiver of any other term, or of any subsequent breach of the same term. <br />9. Addresses for mailing. All notices, correspondence, or other documents required by this <br />Rodney J. Preisser Page 5 of 9 Loan Contract <br />