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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 STATE 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. 1B. 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 If 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 repo acceptance of the items therein as eligible expenses as described be the amount set forth in the report or such portion that has n approv be made within thirty (3Q) days from the approv each rep and review and 'to the BORROWER ch payment shall 3. Release after loan is repaid. Upon co accrued interest as specified in the promisso release of deed of trust to convey to the Bo PROJECT and any other property described in AP STATE'S right, title and interest in and to the re the entire principal and any ract, the STATE agrees to execute a ER all of S TE'S right, title, and interest in and to the IX C, nd to execute a UCC-3 form to terminate all of the s 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 hereb~< 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 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, deietion, 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