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<br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER the principal amount of up to <br />$510,469 at an interest rate of 3.75% per annum for a term of 30 years, as specified in the attached <br />Promissory Note. <br /> <br />2. Disbursements. After 'receipt of the periodic progress report from the BORROWER, and review and <br />acceptance of the items therein as eligible expenses as described below, the STATE will pay to the <br />BORROWER the amount set forth in the report or such portion thereof as has been approved by the STATE. <br />Such payment shall be made within thirty (30) days from the STATE'S approval of each progress report. <br /> <br />3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal and any <br />accrued interest as specified in the attached Promissory Note, the STATE agrees to execute releases of the <br />Security Agreement and Deed of Trust to termif'late all of the STATE'S rights in and to the revenues pledged <br />to repay this loan and to the collateral. <br /> <br />C. The STATE and the BORROWER mutually agree gs follows: <br /> <br />1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is hereby <br />designated as the agent of the STATE for the purpose of this contract. <br /> <br />2. Contract is not assignable. This contract i$ not assignable by the BORROWER except with the prior <br />written approval of the STATE. <br /> <br />3. Contract relationship. The parties to thiS contract intend that the relationship between them <br />contemplated by this contract is that of lender-tJorrower, not employer-employee. No agent, employee, or <br />servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or servant of the STATE. <br />The BORROWER will be solely and entirely resrlonsible for its acts and the acts of its agents, employees, <br />servants, engineering firms, construction firms, find subcontractors during the performance of this contract. <br /> <br />4. Complete integration of all understandings. This agreement is intended as the complete integration of <br />all understandings between the parties. No prior or contemporaneous addition, deletion, or other <br />amendment hereto shall have any force or effect whatsoever unless embodied herein in writing. No <br />subsequent novation, renewal, addition, deletiof'l, or other amendment hereto shall have any force or effect <br />unless embodied in a written contract executed and approved pursuant to STATE fiscal rules. <br /> <br />5. Waiver. The waiver of any breach of a term of this contract shall not be construed as a waiver of any other <br />term, or of any subsequent breach of the same term. <br /> <br />6. Eligible expenses. PROJECT costs eligible for financing by the STATE shall be limited to 75% of the cost of <br />the following items: <br /> <br />a. Preparing final designs and specifications for the PROJECT. <br />., <br />b. Preparing bid and construction contract doc;uments. <br /> <br />c. Preparing environmental assessment or environmental impact statements, and otherwise complying <br />with the Federal National Environmental policy Act. <br /> <br />d. Complying with all federal, state, and local regulatory requirements, including the obtaining of all <br />required permits. <br /> <br />e. Land and water rights acquisitions needed for the PROJECT, including the necessary appraisals and <br />evaluations. <br /> <br />f. Fish and wildlife mitigation measures required by federal, state, or local laws and regulations. <br /> <br />g. Actual construction as called for in the design documents and in change orders approved by the <br /> <br />Julesburg Irrigation District <br /> <br />Page 8 of 12 <br /> <br />Loan Contract <br />