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<br />"--""" <br /> <br />4. Complete integration of all understandings. This agreement is intended as the complete <br />integration of all understandings between the parties. No prior or contemporaneous addition, <br />deletion, 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 amendment hereto <br />shall have any force or effect unless embodied in a written contract executed and approved <br />pursuant to STATE fiscal rules. <br /> <br />5. Eligible expenses. PROJECT costs eligible for financing by the STATE shall be limited to the cost of: <br /> <br />a. Repayment of the principal and accrued interest of the BORROWER'S bridge loans from the First <br />Security Bank of Fort Lupton. <br /> <br />b. Purchase of Colorado-Big Thompson or Windy Gap water units. <br /> <br />c. Payment of legal fees incurred for the review of this contract. Legal fees must be approved by <br />the STATE in writing and in advance to be eligible for financing by the STATE. <br /> <br />6. Payment of bridge loans. No later than fifteer'! days (15) from the effective date of this contract, <br />the BORROWER shall request, in writing, the CWeB to repay the bridge loans from the First Security <br />Bank of Fort Lupton ("Bank") in full using the proceeds of this loan, in the amounts of <br />approximately $25,000 and $15,000, plus accrued interest on both loans, and paid directly to the <br />Bank. The STATE shall notify the BORROWER when it transmits the requested funds to the Bank, <br />and the BORROWER shall provide the STATE with (jocumentation that the loans have been paid in full <br />no later than thirty (30) days from the date the SlATE transmits said funds to the Bank. <br /> <br />7. STATE may release contract at its option. In its sole discretion, the STATE may at any time give <br />any consent, deferment, subordination, release, satisfaction, or termination of any or all of the <br />BORROWER'S obligations under this contract, with valuable consideration, upon such terms and <br />conditions as the STATE may determine to be advisable to further the purposes of this contract or to <br />protect the STATE'S financial interest therein, and consistent with both the statutory purposes of this <br />contract and the limitations of the statutory authority under which it is made. <br /> <br />8. Casualty and eminent domain. If, at any time, during the term of this contract, (a) the <br />BORROWER'S PROJECT facilities and/or property pledged as collateral for this loan, including <br />buildings or any portion thereof, are damaged or destroyed, in whole or in part, by fire or other <br />casualty, or (b) title to or use of the PROJECT facilities or any part thereof shall be taken under the <br />exercise of the power of eminent domain, the BORROWER shall cause the net proceeds of any <br />insurance claim or condemnation award to be applied to the prompt replacement, repair and <br />restoration of the PROJECT facilities or any portior'! thereof. Any net proceeds remaining after such <br />work has been completed shall be paid to the BORROWER. If the net proceeds are insufficient to <br />pay the full cost of the replacement, repair and restoration, the BORROWER shall complete the work <br />and pay any cost in excess of the net proceeds. <br /> <br />9. Captions. The captions and headings contained in this contract are for convenience and <br />reference only and shall not be construed so as to define or limit the terms or provisions contracted <br />herein. <br /> <br />10. STATE'S approval. This contract requires review and approval of various technical and legal <br />documents. The STATE'S review of these documents is only for the purpose of verifying <br /> <br />Aristocrat Ranchette Water Project, Inc. <br /> <br />Page 8 of 11 <br /> <br />loan Contract <br />