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<br />require specific performance of this contract, or by such other proceedings in law or equity as <br />may be deemed necessary by the STATE to ensure compliance with provisions of this <br />contract and the laws and regulations under which this contract is executed, The STATE'S <br />exercise of any or all of the remedies described herein shall not relieve the BORROWER of any <br />of its duties and obligations under this contract. <br /> <br />17. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a <br />periodic progress report which contains a statement of the PROJECT costs expended for that <br />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. Such <br />inspections are solely for the purpose of verifying compliance with the terms and conditions of <br />this contract. Furthermore, such inspections shall cover the condition of the PROJECT, <br />operating records, maintenance records, and financial records, and shall not be construed nor <br />interpreted as an approval of the actual design and/or construction of any element of the <br />PROJECT facilities. <br /> <br />19. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, <br />state, and local laws and regulations that are in effect or may hereafter be established <br />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 as <br />to race, color, religion, or national origin at reasonable charges (including assessments or <br />fees), whether for one or more classes of service, in accordance with a schedule of such <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 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 portiDn that has <br />been approved by the STATE, Such payment shall be made within thirty (30) days from the <br />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, the <br />STATE agrees to execute a release of deed of trust to convey to the BORROWER all of the <br />STATE'S right, title, and interest in and to the property described in the deed of trust, to execute <br />a release of the Assignment of Certificate of Deposit, and to file a UCC-3 form with the <br />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 CWeB, 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 /> <br />Chilcott Ditch Company <br /> <br />Page 8 of 13 <br />