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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 an amount not to exceed that <br />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 and <br />acceptance of the items therein as eligible expenses as described below, the STATE will pay to the BORROWER <br />the amount set forth in the report or such portion that has been approved by the STATE. Such payment shall <br />be made within thirty (30) days from the STATE'S approv~1 of each progress report. <br /> <br />3. Release after loan is repaid. Upon complete repayment to the STATE of the entire principal and any <br />accrued interest as specified in the promissory note provisions of this contract, the STATE agrees to file a UCC. <br />3 form with the Secretary of State to terminate all of the STATE'S rights in and to the revenues pledged to <br />repay this loan, and to release to the BORROWER any unused funds contained in the CD ACCOUNT that are not <br />needed for the final loan payment. <br /> <br />C. The STATE and the BORROWER mutually agree as 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 is not assignable by the DISTRICT or the BORROWER except with <br />the prior 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-borrower, not employer-employee. No agent, employee, or <br />servant of the DISTRICT or the BORRDWER shall be, or shall be deemed to be, an employee, agent, or servant of <br />the STATE. The DISTRICT and the BORROWER shall be solely and entirely responsible for their acts and the acts <br />of their agents, employees, servants, engineering firms, construction firms. and subcontractors during the <br />performance of this contract. <br /> <br />4. Integration of all 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 <br />hereto shall have any force or effect whatsoever unless embodied herein in writing. No subsequent novation, <br />renewal, addition, deletion, or other amendment hereto shall have any force or effect unless embodied in a <br />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 <br />other term, or of any subsequent breach of the same term. <br /> <br />6. Eligible expenses. PROJECT construction costs eligible for financing by the STATE shall be limited to the <br />cost of: <br /> <br />a. Preparing final designs and specifications for the PROJECT. <br /> <br />b. Preparing bid and construction contract documents. <br /> <br />c. Preparing environmental assessment or environmental impact statements, ano 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. Fish and wildlife mitigation measures required by federal, state, or local laws and regulations. <br /> <br />Orchard Mesa Irrigation District & <br />Mutual Mesa lateral Enterprise <br /> <br />Page 8 of 1 2 <br /> <br />loan Contract <br />