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PROJC00779
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PROJC00779
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Last modified
5/8/2015 2:48:30 PM
Creation date
10/6/2006 12:13:28 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153790
Contractor Name
Durkee Ditch Company
Contract Type
Loan
Water District
40
County
Delta
Bill Number
SB 97-008
Loan Projects - Doc Type
Contract Documents
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<br />of 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 <br />nor interpreted as an approval of the actual design and/or construction of any element of the <br />PROJECT facilities. <br /> <br />18. 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 />.I 19. 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 <br />as 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 $120,000 at an interest rate of 3.75% per annum 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 />been 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 agreement and the Assignments 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 ACCOUNTS. <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 STAT~ 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 /> <br />The Durkee Ditch Company, Inc. <br /> <br />Page 8 of 13 <br /> <br />Loan Contract <br />
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