PROJC01289 - Laserfiche WebLink

Home Browse Search

necessary action consb."nt with its statutory authority, incluo" ,g but not limited to adjusting user charges and fees, to raise sufficient revenue to assure repayment of the loan to the STATE. The BORROWER'S failure or refusal to raise its charges and fees within sixty (60l days of receipt of such notice from the STATE shall constitute a default and the STATE shall be entitled to all remedies provided for in Paragraph A.10 above. 14. Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic progress report which contains a statement of the actual PROJECT construction costs expended for the period and shall forward said statement to the STATE. 15. Periodic Inspections. The BORROWER shall permit the STATE to make periodic inspections of its construction, operations and accounts by a designated representative of the STATE. Any such inspections by the STATE are solely for the purpose of verifying compliance with the terms and conditions of the contract and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT. 16. The BORROWER and the TOWN agree not to terminate the NORWOOD WATER COMMISSION nor adversely withdraw or deplete its assets, nor otherwise adversely affect its ability to perform during the term of this contract. 17. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that have been or may hereafter be established. B. The STATE agrees as follows: 1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to exceed that specified in the promissory note provisions of this contract. 2. Disbursements. After receipt of the periodic progress report from the BORROWER, and review and acceptance of the items therein as eligible expenses as described below, the STATE will pay to the BORROWER the amount of the report or such portion thereof as has been approved by the STATE. Such payment shall be made within thirty (30l days from the approval of each progress report. 3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal and any accrued interest as specified in the Promissory Note provisions of this contract, the STATE agrees to release all of the STATE'S right, title, and interest in and to the PROJECT and any other property described in the Collateral Provisions, and to execute a UCC-3 form to terminate all of the STATE'S right, title and interest in and to the revenues pledged to repay this loan, and to return the Stock Assignment. c. The STATE and the BORROWER mutually agree as follows: 1. Designated agent of the STATE. The ewCB, 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 will be solely and entirely responsible for its acts and the acts of its agents, employees, servants, engineering firms, construction firms, and 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 pursuant to STATE fiscal rules. NORWOOD WA TER COMMISSION & TOWN OF NORWOOD Page 7 at 11 Pages lOAN CONTRACT