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<br />. '. <br /> <br />4. Time for Performance. The BORROWER recognizes that time is of the essence in the <br />performance of all of its obligations under this contract. Therefore, the BORROWER shall <br />complete the PROJECT within the time specified in Time for Performance (Section 10) of <br />the Project Summary. <br /> <br />C. GENERAL PROVISIONS <br /> <br />1. Periodic Inspections. Throughout the term of this contract, the BORROWER shall <br />permit a designated representative of the CWCB to make periodic inspections of the <br />Borrower's facilities. Such inspections shall cover the PROJECT, operating records, <br />maintenance records, and financial records. These inspections are solely for the <br />purpose of verifying compliance with the terms and conditions of this contract and shall <br />not be construed nor interpreted as an approval of the actual design, construction or <br />operation of any element of the PROJECT facilities <br /> <br />2. 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 <br />throughout the term of this contract. <br /> <br />3. Designated Agent Of The CWCB. The CWCB's employees are designated as the <br />agents of the CWCB for the purpose of this contract. <br /> <br />4. Assignment. The BORROWER may not assign this contract except with the prior written <br />approval of the CWCS. <br /> <br />5. Contract Relationship. The parties to this contract intend that the relationship <br />between them under this contract is that of lender-borrower, not employer-employee. <br />No agent, employee, or servant of the BORROWER shall be, or shall be deemed to be, <br />an employee, agent, or servant of the CWCB. The BORROWER shall be solely and <br />entirely responsible for its acts and the acts of its agents, employees, servants, <br />engineering firms, construction firms, and subcontractors during the term of this <br />contract. <br /> <br />6. Integration Of Terms. This contract is intended as the complete integration of all <br />understandings between the parties. No prior or contemporaneous addition, deletion, <br />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 <br />amendment hereto shall have any force or effect unless embodied in a written contract <br />executed and approved pursuant to STATE fiscal rules, unless expressly provided for <br />herein. <br /> <br />7. Controlling Terms. In the event of conflicts or inconsistencies between the terms of <br />this contract and conditions as set forth in any of the appendices, such conflicts or <br />inconsistencies shall be resolved by reference to the documents in the following order <br />of priority: (1) Colorado Special Provisions, (2) the remainder of this contract, and (3) <br />the Appendices. <br /> <br />8. CWCB May Release Contract. In its sole discretion, the CWCB may at any time give <br />any consent, deferment, subordination, release, satisfaction, or termination of any or all <br />of the BORROWER'S obligations under this contract, with valuable consideration, upon <br /> <br />Page 6 of 9 <br />