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and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 15. No Discrimination Of Services. Subject to the terms of the BORROWER'S plan for augmentation, its rules, regulations and operational guidelines, the services of said PROJECT shall be made available within its capacity and in accordance with all pertinent statutes to all persons in the BORROWER'S service area without discrimination as to race, color, religion, or national origin at reasonable charges (including assessments or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. B. The STATE agrees as follows: 1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER up to $825,000 at an effective interest rate of 3% NPV for a term of forty years. 2. Disbursements. The BORROWER shall request in writing the amount of loan funds needed for each disbursement, including in the request the purpose for the disbursement and any supporting documentation, such as engineering or legal invoices. Upon the STATE'S review and approval of the request, the STATE shall disburse the approved amount to the BORROWER within twenty days of its receipt of the written request. 3. Release of Escrow Account. Within ten days of its receipt of the BORROWER'S written notification of the date of closing on the purchase of the Box Springs Water Rights and request for release of the funds contained in the Escrow Account, the STATE shall execute releases of the Assignment of Escrow Account and the Security Agreement encumbering the Escrow Account, and shall notify the Escrow Agent of the CWCB's consent to the release of the escrowed funds to the Box Springs Sellers. The effective date of said releases shall be the closing date. 4. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal and any accrued interest as specified in the promissory note, the STATE agrees to execute releases of the deed of trust, the security agreements and the Assignment of Deposit Account as Security to convey to the BORROWER all of the STATE'S right, title, and interest in and to the security provided for this loan, to file a UCC-3 form with the Secretary of State to terminate all of the STATE'S rights in and to the security provided for this loan, and to release to the BORROWER any unused funds contained in the CD ACCOUNT. C. The STATE and the BORROWER mutually agree as follows: 1. Designated Agent Of The STATE. The CWCB, which includes its agents and employees, is hereby designated as the agent of the STATE for the purpose of this contract. 2. Contract Is Not Assignable. This contract is not assignable by the BORROWER except with the prior written approval of the STATE. 3. Contract Relationship. The parties to this contract intend that the relationship between them contemplated by this contract is that of lender-borrower, not employer-employee. No agent, employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or servant of the STATE. The BORROWER shall be solely and entirely responsible for its acts and the acts of its agents, employees, servants, engineering firms, construction firms, ~nd subcontractors during the performance of this contract. 4. Complete Integration Of All Understandings. This agreement is intended as the complete integration of all understandings between the parties. No prior or contemporaneous addition, deletion, or other amendment hereto shall have any force or effect whatsoever unless embodied herein in writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto shall have any force or effect unless embodied in a written contract executed and approved The Horse Creek Water Users Association Page 7 of 11 Loan Contract