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<br />-', <br /> <br />by the 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 up to <br />$300,000, not to exceed 75% of the costs of the PROJECT, at an interest rate of 5.25% per <br />annum for a term of thirty years. <br /> <br />2. Disbursements. After receipt of the periodic progress report from the BORROWER, and <br />review and acceptance of the items therein as eligible expenses as described below, the <br />STATE will pay to the BORROWER the amount set forth in the report or such portion that has <br />been approved by the STATE. The STATE shall make such payment within thirty (30) days <br />from the STATE'S approval of each progress report. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire <br />principal and any accrued interest as specified in the promissory note, the STATE agrees to <br />execute releases of the deed of trust, security agreements, Conditional Assignment of <br />Contract Proceeds and the Assignment of Deposit Account as Security to convey to the <br />BORROWER all of the STATE'S right, title, and interest in and to the security provided for this <br />loan, and to file UCC-3 forms with the Secretary of State to terminate all of the STATE'S rights <br />in and to the security provided for this loan. <br /> <br />C. The STATE and the BORROWER mutually agree as follows: <br /> <br />1. Designated Agent Of The STATE. The CWeB, which includes its agents and employees, is <br />hereby designated as the a~ent of the STATE for the purpose of this contract. <br /> <br />2. Operation of Reservoirs by the BORROWEFt. The STATE and the BORROWER agree that the <br />BORROWER may continue to operate and maintain its reservoirs located partially or wholly on <br />or within the property (the Caroline Placer) in which the BORROWER has conveyed a security <br />interest to the STATE. <br /> <br />3. Contract Is Not Assignable. This contract is not assignable by the BORROWER except with <br />the prior written approval ofthe STATE, <br /> <br />4. Contract Relationship. The parties to this contract intend that the relationship between <br />them contemplated by this contract is that of lender-borrower, not employer-employee. No <br />agent, employee, or servant of the BORROWER shall be, or shall be deemed to be, an <br />employee, agent, or servant of the STATE. The BORROWER shall be solely and entirely <br />responsible for its acts and, in accordanc;e with applicable law, the acts of its agents, <br />employees, servants, engineering firms, construction firms, and subcontractors during the <br />performance of this contract. <br /> <br />5. Complete Integration Of All Understandings. This agreement is intendedasthe 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 <br />embodied herein in writing. No subseque(1t novation, renewal, addition, deletion, or other. <br />amendment hereto shall have any force or effect unless embodied in a written' contract <br />executed and approved pursuant to STATE fiscal rules, with the exception of the Revision <br /> <br />The Agricultural Ditch and Reservoir Company <br /> <br />Page 9 of 14 <br /> <br />Loan Contract <br />