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<br />described herein shall not relieve the BORROWER of any of its duties and obligations under this <br />contract. <br /> <br />11, 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. <br /> <br />12. 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 inspections <br />are solely for the purpose of verifying compliance with the terms and conditions of this contract, <br />Furthermore, such inspections shall cover the condition of the PROJECT, operating records, <br />maintenance records, and financial records, and shall not be construed nor interpreted as an approval <br />of the actual design and/or construction of any element of the PROJECT facilities. <br /> <br />13. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, <br />and local laws and regulations that are in effect or may hereafter be established throughout the term <br />of this contract. <br /> <br />14, No discrimination of services. The services of said PROJECT shall be made available within <br />its capacity and in accordance with all pertinent statutes, rules and regulations, and operational <br />guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, <br />religion, or national origin at reasonable charges (including assessments or fees), whether for one or <br />more classes of service, in accordance with a schedule of such charges formally adopted by the <br />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. The BORROWER shall submit written request for the loan funds accompanied <br />by construction firm's final pay estimate or other documentation showing the expenses incurred by <br />the BORROWER in the construction of the PROJECT, The STATE shall review and, upon acceptance of <br />tne items therein as eligible expenses as described below, the STATE will pay to the BORROWER up to <br />75% of the cost of the project up to $45,000 within thirty (30) days, <br /> <br />3, Release after loan is repaid. Upon complete repayment to the STATE of the entire principal and <br />any accrued interest as specified in the promissory note provisions of this contract, the STATE agrees <br />to execute UCC-3 forms to terminate all of the STATE'S rights in and to the revenues pledged to repay <br />this loan, and to release, in writing, the Conditional Assignment of Contract Proceeds. <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, or <br />servant of the STATE, The BORROWER shall be solely and entirely responsible for its acts and the acts <br /> <br />Tremont Mutual Ditch Company <br /> <br />Page 6 of 10 <br /> <br />Loan Contract <br />