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5. -Eligible expenses. PROJECT construction costs eligible for financing by the STATE shall be limited to the cost of: a. Preparing final designs and specifications for the PROJECT. b. Preparing bid and construction contract documents. c. Preparing environmental assessment or environmental impact statements, and otherwise complying with the Federal_National Environmental Policy Act. d. Complying with all federal, state, and local regulatory requirements, including the obtaining of all required permits. e. land and water rights acquisitions needed for the PROJECT, including the necessary appraisals and evaluations. f. Fish and wildlife mitigation measures required by federal, state, or local laws and regulations. g. Actual construction as called forin the design documents and in change orders approved by the STATE, the BORROWER, the CONSULTANT and the CONSTRUCTION FIRM. h. Engineering services for construction management, including design and construction management for STATE-approved change orders. i. legal services for reviewing engineering Services contracts, reviewing this contract, reviewing construction contract documents, acquiring the land and water rights needed for the PROJECT, and for complying with all federal, state, and local regulatory requirements. Legal services must be approved by the STATE in writing before they are rendered to be eligible for payment by the STATE. 6. STATE may release contract at its option. In its sole discretion, the STATE may at any time give any consent, deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S obligations under this contract, upon such terms and conditions as the STATE may determine to be: a. advisable to further the purposes of this contract or to protect the STATE'S financial interest therein, and b. consistent with both the statutory purposes of this contract and the limitations of the statutory authority under which it is made. 7. Casualty and eminent domain. If, at any time, during the term of this contract, (a) the BORROWER'S PROJECT facilities which are pledged as collateral for this loan, including buildings, or any portion thereof, are damaged or destroyed, in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT facilities or any part thereof shall be taken under the exercise of the power of eminent domain, the BORROWER shall cause the net proceeds of any insurance claim or condemnation award to be applied to the prompt replacement, repair and restoration of the PROJECT facilities or any portion thereof. Any net proceeds remaining after such work has been completed shall be paid to the BORROWER. If the-- net proceeds are insufficient to pay the full cost of the replacement, repair and restoration, the BORROWER shall complete the work and pay any cost in excess of the net proceeds. 8. Services of PROJECT available without discrimination. The BORROWER shall make the services of said PROJECT available within its capacity to all qualified persons in the BORROWER'S service area without discrimination as to race, color, religion, or natural origin at reasonable charges (including assessments, taxes, or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER through its by- laws, as may be modified from time to time. The initial rate schedule must be improved 9. Captions. That the captions and headings contained in this contract are for convenience and reference only and shall not be construed so as to define or limit the terms or provisions contracted herein. TOWN OF SILT Page 7 of 9 LOAN CONTRACT