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<br />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 to <br />exceed $60,000 or 75% of the costs of the PROJECT at an interest rate of 3.75% per annum <br />for a term of thirty years. <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 />bef;ln approved by the STATE. The STATE shall make such payment within thirty (30) days <br />from 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 and any accrued interest as specified in the promissory note, the STATE agrees to <br />execute releases of the security agreements and the Assignment of Deposit Account as <br />Security to convey to the BORROWER all of the STATE'S right, title, and interest in and to the <br />security provided for this loan, to file a UCC-3 form with the Secretary of State to terminate all <br />of the STATE'S rights in and to. the security provided for this loan, and to release to the <br />BORROWER any unused funds 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, 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 <br />the prior written approval of the STATE. <br /> <br />3. Contract Relationship. The parties to this contract intend that the relationship between <br />them contemplated by this contract is that of lender-borrower, not employer-employee. No <br />agent, employee, or servant of the BORROWER shall be, or shall be deemed to be, an <br />employee, agent, or servant of the STATE. The BORROWER shall be solely and entirely <br />responsible for its acts and the acts of its agents, employees, servants, engineering firms, <br />construction firms, and 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 <br />embodied herein in writing. No subsequent novation, renewal, addition, deletion, or other <br />amendment hereto shall have any force or effect unless embodied in a written contract <br />executed and approved pursuant to STATE fiscal rules, with the exception of the Revision <br />Letter as described in the Changes Provision of this contract. <br /> <br />5. In Event Of A Conflict. In the event of conflict between the terms of this contract and <br />conditions 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 and/or refinancing by the STATE <br />shall be limited to the cost of: <br /> <br />Chipperfield Lane Ditch, Inc. <br /> <br />Page 9 of 14 <br /> <br />Loan Contract- <br />