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by the BORROWER, as may be modified from time to time. <br /> B. The STATE agrees as follows: <br /> 1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER an amount up to <br /> $300,000, not to exceed 75% of the costs of the PROJECT, at aper s rate of 5.25% per <br /> annum for a term of thirty years. <br /> 2. Disbursements. After receipt of the periodic progre •, rom th OWER, and <br /> review and acceptance of theitems therein as eligibl- ' - ,• se.. c - •ribed below, the <br /> STATE will pay to the BORROWER the amount set forth in the 'e• + •. ',•o that has <br /> been approved by the STATE. The STATE shall make such payment i (30) days <br /> Y <br /> from the STATE'S approval of each progress report. <br /> 3. Release After Loan Is Repaid. Upon complete repayment to the ST ITE of the entire <br /> principal and any accrued interest as specified in the promissory note, the STATE agrees to <br /> execute releases of the deed of trust, security agreements, Condition I Assignment of <br /> Contract Proceeds and the Assignment of Deposit Account as Security o convey to the <br /> BORROWER all of the STATE'S right, title, and interest in and to the security 1 provided for this <br /> loan, and to file UCC-3 forms with the Secretary of State to terminate all of the STATE'S rights <br /> in and to the security provided for this loan. <br /> • <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 <br /> hereby designated as the agent of the STATE for the purpose of this contract. <br /> 2. Operation of Reservoirs by the BORROWER. The STATE and the BORROWER agree that the <br /> BORROWER may continue to operate and maintain its reservoirs located partially or wholly on <br /> or within the property (the Caroline Placer) in which the BORROWER has conveyed a security <br /> interest to the STATE. <br /> 3. Contract Is Not Assignable. This contract is not assignable by the BORR WER except with <br /> the prior written approval of the STATE. <br /> 4. Contract Relationship. The parties to this contract intend that the rela 'onship between <br /> them contemplated by this contract is that of lender-borrower, not employ r-employee. No <br /> agent, employee, or servant of the BORROWER shall be, or shall be deemed to be, an <br /> employee, agent, or servant of the STATE. The BORROWER shall be Iely and entirely <br /> responsible for its acts and, in accordance with applicable law, the a of its agents, <br /> employees, servants, engineering firms, construction firms, and subcont ctors during the <br /> performance of this contract. <br /> 5. 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 watsoever 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 written contract <br /> executed and approved pursuant to STATE fiscal rules, with the exceptio of the Revision <br /> The Agricultural Ditch and Reservoir Company Page 9 of 14 - Loan Contract <br /> . <br />