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<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 the <br />STATE. Such payment shall be made within thirty (30) days from the STATE'S approval of each <br />progress report. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal, all <br />accrued interest, and late charges, if any, as specified in the promissory note, the STATE agrees to <br />file a UCC-3 form with the Secretary of State to terminate all of the STATE'S rights in and to the <br />BORROWER'S right to receive assessment revenues pledged to repay this loan, and to execute <br />releases of the Assignment of Certificate of Deposit and Assignment of Deposit Account as <br />Security, <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 <br />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 with the <br />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, <br />employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, <br />or servant of the STATE. The BORROWER shall be solely and entirely responsible for its acts and <br />the acts of its agents, employees, servants, engineering firms, construction firms, and <br />subcontractors during the performance of this contract. <br /> <br />4. Complete Integration Of All Understandings. This agreement is intended as the complete <br />integration of all understandings between the parties. No prior or contemporaneous addition, <br />deletion, or other amendment hereto shall have any force or effect whatsoever unless embodied <br />herein in writing. No subsequent novation, renewal, addition, deletion, or other amendment <br />hereto shall have any force or effect unless embodied in a written contract executed and approved <br />pursuant to STATE fiscal rules, unless expressly provided for herein, <br /> <br />5. In Event Of A Conflict. In the event of conflict between the terms of this contract and conditions <br />as set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />6. Eligible Expenses. PROJECT costs eligible for financing by the STATE shall be limited to 90% of 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, and otherwise <br />complying with the Federal National Environmental Policy Act. <br /> <br />d. Complying with all federal, state, and local regulatory requirements, including the obtaining of <br />all required permits. <br /> <br />e. Fish and wildlife mitigation measures required by federal, state, or local laws and regulations, <br /> <br />f. Actual construction as called for in the design documents and in change orders approved by <br /> <br />Plumb and Dailey Ditch Company <br /> <br />Page 8 of 12 <br /> <br />Loan Contract <br />