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<br />C. The State agrees that it shall: <br /> <br />1. Loan to the Borrower for the purpose of this contract <br />an amount not to exceed Two Hundred Forty Thousand Dollars <br />($240.000). Said Two Hundred Forty Thousand Dollars ($240.000) <br />shall be made available to the Borrower in accordance with the <br />following terms and conditions: <br /> <br />a. Beginning with the monthly period commencing <br />September 1. 1986. and for every month thereafter until <br />said project has been completed. the Borrower shall <br />prepare. with the assistance of the engineering firm <br />referred to in paragraph A.I. above. an estimate of the <br />funds required from the State for project construction <br />during that month and shall forward said estimate to <br />the State not less than fifteen (15) days prior to the <br />beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate. the State will. within forty (40) <br />days from the receipt of such estimate. pay over to the <br />Borrower the amount of the monthly estimate or such <br />portion thereof as has been approved by the State. <br /> <br />c. No payments will be made under this contract until <br />the project plans and specifications referred to in <br />paragraph A.I. above are approved by the State. <br /> <br />2. Provide the Borrower with such technical assistance as <br />the State deems appropriate in planning. constructing. and <br />operating the project and in coordinating the project with <br />local official comprehensive plans for sewer and water and with <br />any State or area plans for the area in which the project is <br />located. <br /> <br />D. This contract is not assignable by the Borrower except <br />with written approval of the State. <br /> <br />E. The parties to this contract intend that the relationShip <br />between them contemplated by this contract is that of <br />lender-borrower. not employer-employee. No agent. employee. or <br />servant of the Borrower shall be or shall be deemed to be an <br />employee. agent. or servant of the State. The Borrower will be <br />solely and entirely responsible for its acts and the acts of <br />its agents. employees. servants. engineering firms. <br />Construction Firms. and subcontractors during the performance <br />of this contract. <br /> <br />F. At all times during the performance of this contract. the <br />Borrower shall strictly adhere to all applicable federal and <br />state laws that have been or may hereafter be established. <br /> <br />G. This agreement is intended as the complete integration of <br />all understandings between the parties. No prior or <br />contemporaneous addition. deletion, or other amendment heteto <br />shall have any force or effect whatsoever unless embodied <br />herein in writing. No subsequent novation. renewal. addition. <br />deletion. or other amendment hereto shall have any force or <br />effect unless embodied in a written contract executed and <br />approved pursuant to the State fiscal rules. <br /> <br />H. In its sole discretion. the State may at any time give any <br />consent. deferment. subordination. release. satisfaction. or <br />termination of any or all of the Borrower1s Obligations under <br />this agreement. with or without valuable consideration. upon <br />such terms and conditions as the State may determine to be (a) <br />advisable to further the purposes of this contract or to <br />protect the State's financial interest therein. and (b) <br />consistent with both the statutory purposes of this contract <br />and the limitations of the statutory authority under which it <br />is made. <br /> <br />Page ~ of ~ Pages <br />