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<br />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 andlor construction of any element of the PROJECT.
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<br />13~ Adhere to applicable laws, The BORROWER shall strictly adhere to all applicable federal, state, and local laws
<br />imd regulations that have been. or may hereafter be established,
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<br />14. No discrimination of services. The services of said PROJECT will be made available within its capacity and
<br />in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons in the
<br />BORROWER'S service area without discrimination as to race, color, religion, or national origin at reasonable charges
<br />(including assessments or fees), whether for one or more classes of service, in accordance with a schedule of such
<br />charges formally adopted by the BORROWER, as may be modified from time to time.
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<br />B. The STATE agrees as follows:
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<br />1, Agreement to loan money. The STATE agree5 to loan to the BORROWER an amount not to exceed that
<br />specified in the promissory note provisions of this contract.
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<br />. 2, Disbursements. After receipt of the monttlly progress report from the BORROWER, and review and
<br />acceptance of the items therein as eligible expenses a$ described below, the STATE will.pay to the BORROWER the
<br />amount of the report or such portion that has been approved by the STATE. Such payment shall be made within
<br />thirty (30) days from the approval of each monthly prOgress report. The total disbursements made by the STA TE
<br />to the BORROWER shall not exceed seventy-five percent (75%1 of the total allowable cost of the PROJECT.
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<br />3. Release after loan is repaid. Upon completion of repayment to teSTATE of the entire principal and any
<br />accrued interest as specified in the promissory note provisions of this: 'ntract, the STATE agrees to execute a
<br />release of deed of trust to convey to the BORROWER all of the STATE,A'ri t, title, and interest in and to the PROJECT
<br />and any other property described in Appendix 8, . ~G"" ~ !>:. .
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<br />C. The STATE and the BORROWER mutually agree astto~W3: .....~~ .
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<br />1, Designated agent of the STATE. The CWCB, which include's its a9(~'f~nd employees, is hereby designated
<br />as the agent of the STATE for the purpose of this contract. ..~.
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<br />2, Contract is not assignable. This contract is not aSSignam~bY the BORROWER except with the prior written
<br />approval of the STATE,
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<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
<br />BORROWER shall be, or shall be deemed to be, an employee, agent, or servant of the STATE, The BORROWER will be
<br />solely and entirely responsible for its acts and the acts of its agents, employees, servants, engineering firms,
<br />construction firms, and subcontractors during the performance of this contract.
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<br />4. Complete integration of al.1 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
<br />shall have any force or effect whatsoever unless embodied herein in writing. No ubsequent notation, renewal,
<br />addition, deletion, or other amendment hereto shall have any force or effect unless" bodied in a written contract
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<br />.executed and approved pursuant to STATE fiscal rules. '._
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<br />5. Eligible expenses. PROJECT construction costs eligible for finafi'Cing~e
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<br />a. Preparing final designs and specifications for the PROJECT.
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<br />ATE shall be limited to the cost.
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<br />of:
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<br />b, Preparing bid and construction contract documents.
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<br />LLOYD RANCH LIMITED PARTNERSHIP
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<br />Page 6 of 10
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<br />LOAN CONTRACT
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