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<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 review <br />and acceptance of the items therein as eligible expenses as described below, the STATE will pay to <br />the BORROWER the amount set forth in the report or such portion that has been approved by the <br />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 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 />of its agents. employees, servants, engineering firms. construction firms, and subcontractors during <br />the performance of this contract. <br /> <br />4. Integration of all understandings. This agreement is intended as the complete integration of <br />all understandings between the parties. No prior or contemporaneous addition, deletion, or other <br />amendment hereto shall have any force or effect whatsoever unless embodied herein in writing. No <br />subsequent novation, renewal, addition. deletion, or other amendment hereto shall have any force <br />or effect unless embodied in a written contract executed and approved pursuant to STATE fiscal rules. <br /> <br />5. Waiver. The waiver of any breach of a 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 construction costs eligible for financing by the STATE shall be <br />limited to 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 />South Platte Ditch Company <br /> <br />Page 8 of 11 <br /> <br />Loan Contract <br />