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<br />17. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare <br />a periodic progress report which contains a statement of the PROJECT costs expended for <br />that period and shall forward said statement to the STATE. <br /> <br />18, 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. <br />Such inspections are solely for the purpose of verifying compliance with the terms and <br />conditions of this contract. Furthermore, such inspections shall cover the condition of the <br />PROJECT, operating records, maintenance records, and financial records, and shall not be <br />construed nor interpreted as an approval of the actual design and/or construction of any <br />element of the PROJECT facilities. <br /> <br />19. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable <br />federal, state, and local laws and regulations that are in effect or may hereafter be <br />established throughout the term of this contract. <br /> <br />20. No Discrimination Of Services. The services of said PROJECT shall be made available <br />within its capacity and in accordance with all pertinent statutes, rules and regulations, and <br />operational guidelines to all persons in the BORROWER'S service area without discrimination <br />as to race, color, religion, or national origin at reasonable charges (including assessments <br />or fees), whether for one or more classes of service, in accordance with a schedule of <br />such charges formally adopted by the BORROWER, as may be modified from time to time. <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 <br />to 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 <br />review and acceptance of the items therein as eligible expenses as described below, the <br />STATE will pay to the BORROWER the amount set forth in the report or such portion that has <br />been approved by the STATE. Such payment shall be made within thirty (30) days from <br />the STATE'S approval of each progress report. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of ,the entire <br />principal, all accrued interest, and late charges, if any, as specified in the promissory note, <br />the STATE agrees to execute releases of the Security Agreement and the Assignment <br />of Deposit Account as Security to convey to the BORROWER all of the STATE'S right, <br />title, and interest in and to the security provided for this loan, to file a UCC-3 form <br />with the Secretary of State to terminate all of the STATE'S rights in and to the <br />security provided for this loan, and to release to the BORROWER any unused funds <br />contained in the CD ACCOUNT. <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, <br />is hereby 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 BORROWER except <br />with the prior written approval of the STATE. <br /> <br />3. Contract Relationship. The parties to this contract intend that the relationship between <br /> <br />Sterling Irrigation Company <br /> <br />Page 8 of 1 3 <br /> <br />Loan Contract <br />