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~', , 16. Progress reports. The BORROWER shall. with the assistance of the CONSULTANT, prepare a periodic progress report which contains a statement of the actual PROJECT construction costs expended for that period and shall forward said statement to the STATE. 17. Periodic inspections. The BORROWER shall permit a designated representative of the ST ATE to make periodic inspections of the PROJECT construction, operations and accounts. Any such inspections by the STATE are solely for the purpose of verifying compliance with the terms and conditions of the contract and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT. 18. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that have been or may hereafter be established. 19. No discrimination of services. The services of said PROJECT will be made available within its capacity and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons or 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. After receipt of a periodic progress report from the BORROWER, and review and acceptance of the items therein as eligible expenses as described below, the STATE will pay to the BORROWER the amount set forth in the report or such portion that has been approved by the STATE. Such payment shall be made within thirty (30) days from the approval of each progress report. 3. Release after loan is repai\!. Upon completion <:>f repayment to the STATE of the entire principal and any accrued interest as specified in the promissory note provisions of this contract, the STATE agrees to execute a release of deed of trust to convey to the BORROWER ~II of the STATE'S right, title, and interest in and to the PROJECT and any other property described in APPENDIX C, and to execute a UCC-3 form to terminate all of the STATE'S right, title and interest in and to the revenues pledged to repay 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 llssignable. 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 will 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 complete 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 shall have any force or effect unless embodied in a written contract executed and approved pursuant to STATE fiscal rules. CASTLE PINES NORTH METRO DISTRICT Page 7 of 11 LOAN CONTRACT ~ ~