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<br />..., <br /> <br />-"'" <br /> <br />LOAN CONTRACT <br />Lower Arkansas <br />Water Management Association <br />feasibility Study <br /> <br />lender-borrower, not employer-employee nor principal-agent. No agent, employee, or <br />servant of the Borrower shall be, or shall be deemed to be, an employee, agent, or servant of <br />the State. The Borrower will be solely and entirely responsible for its acts and the acts of <br />its agents, employees, servants, engineering firms, construction firms, and subcontractors <br />during the performance of this contract. <br /> <br />lId. (Contract is a complete integration of all understandings): This agreement is <br />intended as the complete integration of all understandings between the parties. No prior or <br />contemporaneous addition, deletion, or other amendment hereto shall have any force or <br />effect whatsoever unless embodied herein in writing. No subsequent notation, renewal; <br />addition, deletion, or other amendment hereto shall have any force or effect unless embodied <br />in a written contract executed and approved pursuant to State fiscal rules. <br /> <br />lIe, (State may release contract at its option): In its sole discretion, the State may <br />at any time and in writing give any consent, deferment, subordination, release, satisfaction, <br />or termination of any or all of the Borrower's obligations under this agreement, with or <br />without valuable consideration, upon such terms and conditions as the State may determine <br />to be: (a) advisable to further the purposes of this contract or to protect the State's financial <br />interest therein, and (b) consistent with both the statutory purposes of this contract and the <br />limitations of the statutory authority under which it is made, <br /> <br />Ilf. (Borrower to hold the State harmless): The Borrower agrees to indemnifY and <br />hold the State harmless from any liability as a result of the State's security interest in the <br />project facilities and any other property identified in attached Deed of Trust, Appendix D. <br /> <br />llg. (Casualty and Eminent Domain): If, at any time, during the term of this <br />Contract, (a) the Borrower's collateral for this loan, including buildings, or any portion <br />thereof, are damaged or destroyed, in whole or in part, by fire or other casualty, or (b) title <br />to or use of the collateral for this loan or any part thereof shall be taken under. the exercise <br />of the power of eminent domain, the State and the Borrower shall cause the net proceeds of <br />any insurance claim or condemnation award which belong to the Borrower or over which the <br />Borrower has any control to be applied to the prompt replacement, repair and restoration of <br />the collateral for this loan or any portion thereof. Any net proceeds remaining after such <br />work has been completed shall be paid to the Borrower. If the net proceeds ~ insufficient <br />to pay the full cost of the replacement, repair and restoration, the Borrower shall complete <br />the work and pay any cost in excess of the net proceeds (provided, however, that the <br />Borrower shall be obligated to pay any such cost in excess of net proceeds only to the extent <br />of any moneys available therefor in any funds created under this Contract). <br /> <br />Page 9 of 12 Pages <br /> <br />-4;. ..... _ <br />