C153835A Contract - Laserfiche WebLink

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remedies described herein shall not relieve the BORROWER of'any of its duties and obligations under this contract. 17. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic progress report which contains a statement of the PROJECT costs expended for that period and shall forward said statement to the STATE, 18, Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a designated representative of the STATE to make periodic inspections of the PROJECT, Such inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract. Furthermore, such inspections shall cover the condition of the PROJECT, operating records, maintenance records, and financial records, and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT facilities, 19. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 20. No Discrimination Of Services. The services of said PROJECT shall be made available within its capacity and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, religion, or national origin at reasonable charges (including assessments or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. 21. Financial Statements. During each year of loan repayment, the Borrower agrees to provide to the State with copies of audited financial statements, In any year in which expenses, including operating expenses and debt service, exceed operating revenues, the Borrower shall submit a letter of explanation to the Director of the eWCB describing the measures the Borrower shall take to assure that future expenditures will not exceed operating revenues, 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 set forth in the report or such portion that has been approved by the STATE, Such payment shall be made within thirty (30) days from the STATE'S approval of each prow~ss report. 3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal, all accrued interest, and late charges, if any, as specified in the Promissory Note, the STATE agrees to execute a release of deed of trust to convey to the BORROWER all of the STATE'S right, title, and interest in and to the property described in the Deed of Trust, and to file a UCC-3 form with the Secretary of State to terminate all of the STATE'S rights in and to the revenues pledged to repay this loan. C, The STATE and the BORROWER mutually agree as follows: Greeley & Loveland Irrigation Company Page 8 of 13 Loan Contract