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remedies described herein shall not relieve the BORROWER of any of its duties and obligations <br /> under this contract. <br /> 17. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a <br /> periodic progress report which contains a statement of the PROJECT costs expended for that <br /> period and shall forward said statement to the STATE. <br /> 18. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a <br /> designated representative of the STATE to make periodic inspections of the PROJECT. Such <br /> inspections are solely for the purpose of verifying compliance with the terms and conditions of this <br /> contract. Furthermore, such inspections shall cover the condition of the PROJECT, operating <br /> records, maintenance records, and financial records, and shall not be construed nor interpreted <br /> as an approval of the actual design and/or construction of any element of the PROJECT facilities. <br /> 19.Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, <br /> and local laws and regulations that are in effect or may hereafter be established throughout the <br /> term of this contract. <br /> 20. No Discrimination Of Services. The services of said PROJECT shall be made available within its <br /> capacity and in accordance with all pertinent statutes, rules and regulations, and operational <br /> guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, <br /> religion, or national origin at reasonable charges (including assessments or fees), whether for one <br /> or more classes of service, in accordance with a schedule of such charges formally adopted by <br /> the BORROWER, as may be modified from time to time. <br /> 21. Financial Statements. During each year of loan repayment, the Borrower agrees to provide to <br /> the State with copies of audited financial statements. In any year in which expenses, including <br /> operating expenses and debt service, exceed operating revenues, the Borrower shall submit a <br /> letter of explanation to the Director of the CWCB describing the measures the Borrower shall take <br /> to assure that future expenditures will not exceed operating revenues. <br /> B. The STATE agrees as follows: <br /> 1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER an amount not to <br /> exceed that specified in the Promissory Note Provisions of this contract. <br /> 2. Disbursements. After receipt of the periodic progress report from the BORROWER, and review <br /> and acceptance of the items therein as eligible expenses as described below, the STATE will pay <br /> to the BORROWER the amount set forth in the report or such portion that has been approved by the <br /> STATE. Such payment shall be made within thirty (30) days from the STATE'S approval of each <br /> progress report. <br /> 3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal, all <br /> accrued interest, and late charges, if any, as specified in the Promissory Note, the STATE agrees <br /> to execute a release of deed of trust to convey to the BORROWER all of the STATE'S right, title, and <br /> interest in and to the property described in the Deed of Trust, and to file a UCC-3 form with the <br /> Secretary of State to terminate all of the STATE'S rights in and to the revenues pledged to repay <br /> this loan. <br /> C. The STATE and the BORROWER mutually agree as follows: <br /> Greeley & Loveland <br /> Irrigation Company Page 8 of 13 Loan Contract <br />