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• • <br /> Such payment shall be made within thirty (30) days from the STATE'S approval of each progress <br /> report. <br /> 3. Release after loan is repaid. Upon complete repayment to the STATE of the entire principal and any <br /> accrued interest as specified in the Promissory Note, the STATE agrees: <br /> a. To execute UCC-3 forms to terminate all of the STATE'S rights in and to the revenues pledged to <br /> repay this loan, the shares of stock and the revenues from the lease of water; <br /> b. To execute releases of the deeds of trust, <br /> c. To return the shares of stock and stock assignments to EVANS, and <br /> d. To release in writing the Conditional Assignment of Contract Proceeds. <br /> C. The STATE and the BORROWER mutually agree as follows: <br /> 1. Obligations of signatories. The STATE, the BORROWER, and C.R. Evans, as a signatory to this <br /> contract, acknowledge and agree that all obligations of the BORROWER under this contract shall apply <br /> as well to C.R. Evans as an individual. <br /> 2. 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 /> 3. Contract is not assignable. This contract is not assignable by the BORROWER except with the prior <br /> written approval of the STATE. <br /> 4. 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, agent, or <br /> servant of the STATE. The BORROWER shall be solely and entirely responsible for its acts and the acts <br /> of its agents, employees, servants, engineering firms, construction firms, and subcontractors during <br /> the performance of this contract. <br /> 5. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver of any <br /> other term, or of any subsequent breach of the same term. <br /> 6. Complete integration of all understandings. This .!` =ary t ttilt6•6,•ed as the complete <br /> integration of all understandings between the parties. No p ..Q- o ,cgtite;t ip•r-•'eous addition, deletion, <br /> or other amendment hereto shall have any force or effect whatsoever unless embodied herein in <br /> writing. No subsequent novation, renewal, addition, detp.tlo i; on -; m�tphereto shall have <br /> anyforce or effect unless embodied in a written contra tt cu `, a. •. eyed` ursuant to STATE <br /> fiscal rules, with the exception of the Revision Letter a °de`scribed in"the`Ch'aribes Provisions of this <br /> contract. <br /> 7. Eligible expenses. PROJECT costs eligible for financing by the STATE shall be limited to the cost of: <br /> a. Preparing final designs and specifications for the PROJECT. <br /> b. Preparing bid and construction contract documents. <br /> c. Preparing environmental assessment or environmental impact statements, and otherwise <br /> complying with the Federal National Environmental Policy Act. <br /> d. Complying with all federal, state, and local regulatory requirements, including the obtaining of all <br /> required permits. <br /> e. Fish and wildlife mitigation measures required by federal, state, or local laws and regulations. <br /> f. Actual construction as called for in the design documents and in change orders approved by the <br /> STATE, the BORROWER, the CONSULTANT and the CONSTRUCTION FIRM. <br /> The Excelsior Irrigating Company Page 8 of 12 Loan Cont <br />