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<br />Such inspections are solely for the purpose of verifying compliance with the terms and <br />conditions of this contract. Furthermore, such inspections shall cover the condition of the <br />PROJECT, operating records, maintenance records, and financial records, and shall not be <br />construed nor interpreted as an approval of the actual design and/or construction of any <br />element of the PROJECT facilities. <br /> <br />19. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable <br />federal, state, and local laws and regulations that are in effect or may hereafter be <br />established throughout the term of this contract. <br /> <br />20. No Discrimination Of Services. The services of said PROJECT shall be made available <br />within its capacity and in accordance with all pertinent statutes, rules and regulations, and <br />operational guidelines to all persons in the BORROWER'S service area without <br />discrimination as to race, color, religion, or national origin at reasonable charges <br />(including assessments or fees), whether for one or more classes of service, in <br />accordance with a schedule of such charges formally adopted by the BORROWER, as may <br />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 not <br />to exceed $206,000 at an interest rate of 3.75% per 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. Such payment shall be made within thirty (30) days from <br />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 <br />to execute releases of the security agreement and Assignment of Deposit Account as <br />Security, to file a UCC-3 form with the Secretary of State to terminate all of the STATE'S <br />rights in and to the BORROWER'S right to receive the assessment revenues pledged to <br />repay this loan and to release to the BORROWER any unused funds contained in the CD <br />ACCOUNT. <br /> <br />C. The STATE and the BORROWER mutually agree as follows: <br /> <br />1. Designated Agent Of The STATE. The CWCB, which includes its agents and <br />employees, is hereby designated as the agent of the STATE for the purpose of this <br />contract. <br /> <br />2. Contract Is Not Assignable. This contract is not assignable by the BORROWER except <br />with the prior written approval of the STATE. <br /> <br />3. 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. <br />No 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 the acts of its agents, employees, servants, engineering firms, <br />construction firms, and subcontractors during the performance of this contract. <br /> <br />Pinon Mesa Ranches Community Association <br /> <br />Page 8 of 13 <br /> <br />Loan Contract <br />