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<br />that period and shall forward said statement to the STATE. <br /> <br />18. Periodic inspections. The BORROWER shall permit the STATE to make periodic inspections of its <br />construction, operations and accounts by a designated representative of the STATE. Any such <br />inspections by the STATE are solely for the purpose of verifying compliance with the terms and <br />conditions of the contract and shall not be COnstrued nor interpreted as an approval of the actual <br />design and/or construction of any element of the PROJECT. <br /> <br />19. Adhere to applicable laws. The BORROWER lIhall strictly adhere to all applicable federal, state, and <br />local laws and regulations that are in effect or may hereafter be established throughout the term of <br />this contract. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER the principal amount of up <br />to $504,000 at an interest rate of 5% per annum for a term of 30 years, as specified in the attached <br />Promissory Note. <br /> <br />2. Disbursements. After receipt of the periodic progress report from the BORROWER, and review and <br />acceptance of the items therein as eligible expenses as described below, the STATE will pay to the <br />BORROWER the amount set forth in the report or such portion thereof as 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 completion of repayment to the STATE of the entire principal <br />and any accrued interest as specified in the attached Promissory Note, the STATE agrees to execute <br />releases of the Security Agreement and Deed of Trust to terminate all of the STATE'S rights in and to <br />the revenues pledged to repay this loan and to the collateral. <br /> <br />C. The STATE and the BORROWER mutually agree as follows: <br /> <br />1. Designated agent of the STATE. The CWCf3, which includes its agents and employees, is hereby <br />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 prior <br />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 will 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. 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 embodied <br />herein in writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto <br />shall have any force or effect unless embodied in a written contract executed and approved <br /> <br />Town of Morrison <br /> <br />Page 8 of 13 <br />