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) , ) and maintenance, emergency repair services, obsolescence reserves and debt service reserves. BORROWER shall deposit an amount equal to one-tenth of an annual payment into its debt service reserve fund on an annual basis for the first ten years of this loan. 13, Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a designated representative of the STATE to make periodic inspections of the BORROWER'S opel"ating records, maintenance records, and financial records. Such inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract. 14. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 15. No Discrimination Of Services. The services of said PROJECT shall be made available within its capacity and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, religion, or national origin at reasonable charges (including assessments or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. B. The STATE agrees as follows: 1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER an amount not to exceed that specified in the Promissory Note Provisions of this contract. 2. Disbursements. The BORROWER shall request in writing the amount orloan funds needed for each purchase not less than two weeks before the closing date of that purchase. The STATE shall disburse the requested amount to the BORROWER within ten days of its receipt of the written request. ,'. , 3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal and any accrued interest as specified in the promissory note, the STATE agrees to execute releases of the deeds of trust and the security agreements to convey to the BORROWER all of the STATE'S right, . title, and interest in and to the security provided for this loan, and to file a. UCC-3 form willh the Secretary of State to terminate all of the STATE'S rights in and to the security provided for this loan. C. The STATE and the BORROWER mutually agree as follows: 1. Designated Agent Of The STATE. The CWCB, which includes its agents and employees, is hereby designated as the agent of the STATE for the purpose of this contract. 2. Contract Is Not Assignable. This contract is not assignable by the BORROWER except with the prior written approval of the STATE. 3. Contract Relationship. The parties to this contract intend that the relationship between them contemplated by this contract is that of lender-borrower, not employer-employee. No agent, employee. or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or servant of the STATE. The BORROWER shall be solely and entirely responsible for its acts and the acts of its agents, employees~ servants, engineering firms, construction firms, and subcontractors during the performance of this contract. 4. Complete Integration Of All Understandings. This agreement is intended as the co~nplete integration of all understandings between the parties. No prior or contemporaneous addition, deletion, or other amendment hereto shall have any force or effect whatsoever unless embodied herein in writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto Lower Arkansas Water Management Association Page 6 of 10 Loan Contract