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religion, or national origin at reasonable charges (including assessments or fees), whether for one or <br /> more classes of service, in accordance with a schedule of such charges formally adopted by the <br /> 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 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 to <br /> 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 and <br /> any accrued interest as specified in the promissory note provisions of this contract, 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 this <br /> loan. <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. Contract is not assignable. This contrac slo.A s nblby the BORROWER except with the <br /> prior written approval of the STATE. A. - -'f''' <br /> 3. Contract relationship. The parties to this c^Qntre. t't n) tat tl relationship between them <br /> contemplated by this contract is that or Aborr npt ' oyer-employee. No agent, <br /> employee, or servant of the BORROWER shabk " sh -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 /> 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 embodied <br /> herein in writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto <br /> shall have any force or effect unless embodied in a written contract executed and approved pursuant <br /> to STATE fiscal rules. <br /> 5. Eligible expenses. PROJECT construction costs eligible for financing by the STATE shall be <br /> limited to the cost of: <br /> a. Preparing final designs and specifications for the PROJECT. <br /> b. Preparing bid and construction contract documents. <br /> Beaver Park Water, Inc. Page 8 of 12 Loan Contract <br />