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<br />waivers of previous defaults by the BORROWER, through judicial proceedings to require specific <br />performance of this contract, or by such other proceedings in law or equity as may be deemed <br />necessary by the STATE to ensure compliance with provisions of this contract and the laws and <br />regulations under which this contract is executed. The STATE'S exercise of any or all of the <br />remedies described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this contract. <br /> <br />18, Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a <br />periodic progress report which contains a statement of the PROJECT costs expended for that <br />period and shall forward said statement to the STATE. <br /> <br />19. Periodic Inspections, Throughout the term of this contract, the BORROWER shall permit a <br />designated representative of the STATE to make periodic inspections of the PROJECT, Such <br />inspections are solely for the purpose of verifying compliance with the terms and conditions of <br />this contract. Furthermore, such inspections shall cover the condition of the PROJECT, operating <br />records, maintenance records, and financial records, and shall not be construed nor interpreted <br />as an approval of the actual design and/or construction of any element of the PROJECT facilities. <br /> <br />20. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, <br />state, and local laws and regulations that are in effect or may hereafter be established throughout <br />the term of this contract. <br /> <br />21. No Discrimination Of Services. The services of said PROJECT shall be made available within <br />its capacity and in accordance with all pertinent statutes, rules and regulations, and operational <br />guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, <br />religion, or national origin at reasonable charges (including assessments or fees), whether for <br />one or more classes of service, in accordance with a schedule of such charges formally adopted <br />by the BORROWER, as may be modified from time to tim,e. <br /> <br />22. Financial Statements. During each year of loan repayment, the Borrower agrees to proVide the <br />State with audited financial statements, In any year in which expenses, including operating <br />expenses and debt service, exceed operation revenues, the Borrower shall submit a letter of <br />explanation to the Director of the CWCB describing the measures the Borrower shall take to <br />assure that future expenditures will not exceed operation revenues, <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER an amount not to <br />exceed that specified in the Promissory Note Provisions of this contract. <br /> <br />2. Disbursements. After receipt of the periodic progress report from the BORROWER, and review <br />and acceptance of the items therein as eligible expenses as described below, the STATE will pay <br />to the BORROWER the amount set forth in the report or such portion that has been approved by <br />the STATE, Such payment shall be made within thirty (30) days from the STATE'S approval of <br />each progress report. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal, <br />all accrued interest, and late charges, if any, as specified in the Promissory Note, the STATE <br />agrees to execute a release of deed of trust to convey to the BORROWER all of the STATE'S right, <br />title, and interest in and to the property described in the Deed of Trust, and to file a UCC-3 form <br /> <br />DeWeese~Dye Ditch & Reservoir Company <br /> <br />Page 8 of 13 <br /> <br />Loan Contract <br />