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<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.
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<br />B. The CWCB agrees as follows:
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<br />1. Agreement To Loan Money, The CWCB agrees to loan to the BORROWER an amount not to
<br />exceed that specified in the Promissory Note Provisions of this contract.
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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
<br />CWCB will pay to the BORROWER the amount set forth in the report or such portion that has
<br />been approved by the CWCB. Such payment shall be made within thirty (30) days from the
<br />CWCB's approval of each progress report.
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<br />3, Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire
<br />principal, all accrued interest, and late charges, if any, as specified in the promissory note, the
<br />CWCB agrees to execute a release of deed of trust to convey to the BORROWER all of the
<br />CWCB's right, title, and interest in and to the property described in the deed of trust, to file a
<br />UCC-3 form with the Secretary of CWCB to terminate all of the CWCB's rights in and to the
<br />BORROWER'S right to receive assessment revenues pledged to repay this loan, and to execute
<br />release of the Assignment of Certificate of Deposit
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<br />C. The CWCB and the BORROWER mutually agree as follows:
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<br />1, Designated Agent Of The CWCS, The CWCB, which includes its agents and employees, is
<br />hereby designated as the agent of the STATE for the purpose of this contract
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<br />2, Contract Is Not Assignable, This contract is not assignable by the BORROWER except with
<br />the prior written approval of the CWCB.
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<br />3. Contract Relationship. The parties to this contract intend that the relationship between them
<br />__ ___ '_ _ _ .con1emplated.by..1his..contracUs. _tbaLof.Jeoder~rnwer~..naLemplo}'ill=empLo.)(ee.~['IIQagent.
<br />employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee,
<br />agent, or servant of the STATE. The BORROWER shall be solely and entirely responsible for its
<br />acts and the acts of its agents, employees, servants, engineering firms, construction firms,
<br />and subcontractors during the performance of this contract
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<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, unless expressly provided for herein,
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<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.
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<br />6, Eligible Expenses. PROJECT costs eligible for financing by the CWCB shall be limited to the
<br />cost of:
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<br />Owl Creek Supply and Irrigation Company
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<br />Page 8 of 13
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<br />Loan Contract
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