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<br />services, obsolescence reserves, debt reserves, and to establish revenues from water user charges and fees <br />sufficient to pay this contract loan in a timely manner and as required by the terms and conditions herein to <br />assure repayment of the loan to the STATE. In the event these revenues are or become insufficient to assure <br />repayment to the STATE as required by the terms and conditions herein, then the BORROWER, upon written <br />notice thereof from the STATE, shall immediately take all necessary action consistent with its statutory <br />authority, including but not be limited to adjusting user charges and fees, to raise sufficient revenue to assure <br />repayment of the loan to the STATE. <br /> <br />14. Progress reports. The BORROWER shall, with the assistance olthe CONSULTANT, prepare a progress report which <br />contains a statement of the actual PROJECT construction costs expended for that month and shall forward said <br />statement to the STATE. <br /> <br />15. Periodic inspections. The BORROWER shall permit the STATE to make periodic inspections of its construction, <br />operations and accounts by a designated representative of the STATE. Any such inspections by the STATE are solely <br />for the purpose of verifying compliance with the terms and conditions of the contract and shall not be construed nor <br />interpreted as an approval of the actual design and/or construction of any element of the PROJECT. <br /> <br />16. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws <br />and regulations that have been or may hereafter be established. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER .an amount not to exceed that specified <br />in the promissory note provisions of this contract. <br /> <br />2. Disbursements. After receipt of the monthly progress report from the BORROWER, and review and acceptance <br />of the items therein as eligible expenses as described below, the STATE will pay to the BORROWER the amount of the <br />report or such portion thereof as has been approved by the STATE. Such payment shall be made within thirty (30) days <br />form the approval of each monthly progress report. <br /> <br />3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal and any <br />accrued interest as specified in the promissory note provisions of this contract, the STATE agrees to execute a release <br />of deed of trust to convey to the BORROWER all of the STATE'S right, title, and interest in and to the PROJECT and any <br />other property described in APPENDIX D, and to execute a UCC-3 form to terminate all of the STATE'S right, title and <br />interest in and to the revenues pledged to repay this loan. <br /> <br />C. The STATE and the BORROWER mutually agree as follows: <br /> <br />1. Designated agent of the STATE. The eWCB, which includes its agents and employees, is hereby designated <br />as the agent of the STATE for the purpose of this contract. <br /> <br />2. Contract is not assignable. This contract is not assignable by the BORROWER except with the prior written <br />approval of the STATE. <br /> <br />3. Contract relationship. The parties to this contract intend that the relationship between them contemplated <br />by this contract is that of lender-borrower, not employer-employee. No agent, employee, or servant of the BORROWER <br />shall be, or shall be deemed to be, an employee, agent, or servant of the STATE. The BORROWER will be solely and <br />entirely responsible for its acts and the acts of its agents, employees, servants, engineering firms, construction firms, <br />and subcontractors during the performance of this contract. <br /> <br />4. Complete integration of all understandings. This agreement is intended as the complete integration of all <br />understandings between the parties. No prior or contemporaneous addition, deletion, or other amendment hereto shall <br />have any force or effect whatsoever unless embodied herein in writing. No subsequent notation, renewal, addition, <br />deletion, or other amendment hereto shall have any force or effect unless embodied in a written contract executed and <br />approved pursuant to STATE fiscal rules. <br /> <br />TOWN OF SILT <br /> <br />Page 6 of 9 <br /> <br />LOAN CONTRACT <br />