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<br />'! <br /> <br />2. Disbursements. After receipt of the periodic progress report from Ihe BORROWER, and review and <br />acceptance of the items therein as eligible expenses as described below, the STATE will pay to the <br />BORROWER the amount set forth in the report or such portion that has been approved by the STATE. <br />Such payment shall be made within thirty (30) days from the STATE'S approval of each progress <br />report. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal, all <br />accrued interest, and late charges, if any, as specified in the promissory note, the STATE agrees to <br />execute a release of deed of trust to convey to the BORROWER all of the STATE'S right, title, and <br />interest in and to the property described in the deed of trust, and to file a UCC.3 form with the <br />Secretary of State to terminate all of the STATE'S rights in and to the revenues pledged to repay this <br />loan. <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 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 contract intend that the relationship between them <br />contemplated by this contract is that of lender-borrower, not employer-employee. No agent, <br />employee, or servant of the BORROWER shall be, or shall be deemed to be, an employee, agent, or <br />servant of the STATE. The BORROWER shall be solely and entirely responsible for its acts and the <br />acts of its agents, employees, servants, engineering firms, construction firms, and subcontractors <br />during the performance of this contract. <br /> <br />4. Complete Integration Of All Understandings. This agreement is intended as the 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 embodied <br />herein in writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto <br />shall have any force or effect unless embodied in a written contract executed and approved pursuant <br />to STATE fiscal rules, except as expressly provided for herein. <br /> <br />5. In Event Of A Conflict. In the event of conflict between the terms of this contract and conditions as <br />set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />'6. Eligible Expenses. PROJECT costs eligible for financing by the STATE .shall be limited to the cost 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 statemenIs, and otherwise <br />complying 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. Fish and wildlife mitigation measures required by federal, state, or local laws and regulations. <br /> <br />f. 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 />Pine River Canal Company <br /> <br />Page 8 of 12 <br /> <br />Loan Contract <br />