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<br />( <br /> <br />("c- <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 not to exceed that <br />specified in the promissory note provisions of this contract. <br /> <br />2. Disbursements. Upon complete execution of this contract, the BORROWER shall submit a request for <br />disbursement of loan funds. Upon approval by the STATE, the loan proceeds shall be issued within twenty (20) <br />days of BORROWER'S request. <br /> <br />3. Release after loan is repaid. Upon complete repayment to the STATE of the entire principal and any <br />accrued interest as specified in the promissory note provisions of this contract, the STATE agrees to execute <br />a release of deed of trust to convey to the OBLIGORS all of the STATE'S right. title, and interest in and to the <br />property described in Appendix B. <br /> <br />C. The Parties to this contract mutually agree as follows: <br /> <br />1. Designated agent of the STATE. The CWeB, 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 coNract ,intend that the relationship between them <br />contemplated by this contract is that of lender-borrower. npl- employer-employee. No agent, employee, or <br />servant of the BORROWER shall be, or shall be deemeiJ to be, an ernployee, agent, or servant of the STATE. The <br />BORROWER will be solely and entirely responsible for its ac~s end the acts of its agents, employees, servants. <br />engineering firms, construction firms, and subcontractors:during the performance of this contract. <br /> <br />4. Complete integration of all understandings. This a~'reement is intended as the complete integration of <br />all understandings between the parties. No prior or conten;{l1ut~n.eous addition, deletion, or other amendment <br />hereto shall have any force or effect whatsoever unless eml1cd:ed herein in writing. No subsequent novation, <br />renewal, addition, deletion, or other amendment hereto sl1all'~a;'e any force or effect unless embodied in a <br />written contract executed and approved pursuant to STATE Ii~c~1 rules. <br />c . <br />, . <br />5. Eligible expenses. PROJECT construction costs eligiilll' te? refinancing by the STATE shall be limited to <br />the costs 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 complying <br />with the Federal National Environmental Policy Act. <br /> <br />d. Complying with all federal, state, and local regulatory requirements. including the obtaining of all <br />required permits. <br /> <br />e. Land and water rights acquisitions needed for the PROJECT including the necessary appraisals and <br />evaluations. <br /> <br />f. Fish and wildlife mitigation measures reQuired by federal, state, or local laws and.regulations. <br /> <br />g. Actual construction as called for in the design documents and in change orders approved by the <br />STATE, the BORROWER, the CONSULTANT and the CONSTRUCTION FIRM. <br /> <br />HAY-BRETHERTON DITCH COMPANY <br /> <br />Page 5 of 8 <br /> <br />LOAN CONTRACT <br />