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<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 STATE will <br />pay to the BORROWER the amount set forth in the report or such portion thereof as has been approved <br />by the 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 completion of repayment to the STATE of the entire <br />principal and any accrued interest as specified in the promissory note provisions of this contract, the <br />STATE agrees to execute a UCC-3 form to terminate all of the STATE'S rights in and to the revenues <br />pledged to repay this loan, and to release to the BORROWER any unused funds contained in the CD <br />ACCOUNT that are not needed for the final loan payment. <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 TOWN or the BORROWER <br />except with the 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 TOWN or the BORROWER shall be, or shall be deemed to be, an employee, <br />agent, or servant of the STATE. The TOWN and the BORROWER shall be solely and entirely responsible <br />for their acts and the acts of their agents, employees, servants, engineering firms, construction firms, <br />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 embodied <br />herein in writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto <br />shall have any force or effect unless embodied in a written contract executed and approved pursuant <br />to STATE fiscal rules. <br /> <br />5. Waiver. The waiver of any breach of " term of this contract shall not be construed as a <br />waiver of any other term, or of any subsequent breach of the same term. <br /> <br />6. Eligible expenses. PROJECT costs eligible for financing by the STATE shall be limited to 75% <br />of the 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 <br />of all required permits. <br /> <br />Town of Johnstown Water Activity Enterprise <br />& Town of Johnstown Page 9 of 14 <br /> <br />Loan Contract <br />