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<br />, <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 />with the Secretary of State to terminate all of the STATE'S rights in and to the revenues pledged to <br />repay this loan. <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 <br />approved pursuant to STATE fiscal rules, with the exception of the Revision Letter as described in <br />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 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 the cost <br />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 />the STATE. the BORROWER. the CONSULTANT and the CONSTRUCTION FIRM. <br /> <br />g, Engineering services for construction management, including design and construction <br /> <br />North Poudre Irrigation Company <br /> <br />Page 9 of 13 <br /> <br />Loan Contract <br />