Laserfiche WebLink
<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 ST ATE. <br /> <br />3. Contract relationship. The parties to this c:ontract intend that the relationship between them <br />contemplated by this contract is that of lender-borrower, not employer-employee. No agent, employee, or <br />servant of the BORROW~R shall be, or shall be deemed to be, an employee, agent, or servant of the STATE. The <br />BORROWER will be solely and entirely responsible for its acts and 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. Thi6 agreement is intended as the complete integration of <br />all understandings between the parties. No prior or contemporaneous addition, deletion, or other amendment <br />hereto shall have any force or effect whatsoever unless embodied herein in writing. No subsequent novation, <br />renewal, addition, deletion, or other amendment hereto shall have any force or effect unless embodied in a <br />written contract executed and approved pursuant to STATE fiscal rules. <br /> <br />5. Eligible expenses. PROJECT costs eligible for refinancing by the STATE shall be limited to the purchase <br />price of the PROJECT. <br /> <br />6. STATE may release contract at its option. In its sole discretion, the STATE may at any time give any <br />consent, deferment, subordination, release, satisfaction, or termination of any or all of the BORROWER'S <br />obligations under this contract, with valuable consideration, upon such terms and conditions as the STATE may <br />determine to be: <br /> <br />a. advisable to further the purposes of this contrac:t or to protect the STATE'S financial interest therein, <br />and <br /> <br />b. consistent with both the statutory purposes of this contract and the limitations of the statutory <br />authority under which it is made. <br /> <br />7. Casualty and eminent domain. If, at any time, during the term of this contract, (a) the BORROWER'S <br />PROJECT facilities and/or property pledged as collateral for this loan, including buildings or any portion thereof, <br />are damaged or destroyed, in whole or in part, by fire or other casualty, or (b) title to or use of the PROJECT <br />facilities or any part thereof shall be taken under the exercise of the power of eminent domain, the BORROWER <br />shall cause the net proceeds of any insurance claim or condemnation award to be applied to the prompt <br />replacement, repair and restoration of the PROJECT facilitieS or any portion thereof. Any net proceeds remaining <br />after such work has been completed shall be paid to the BORROWER. If the net proceeds are insufficient to pay <br />the full cost of the replacement, repair and restoration, the BORROWER shall complete the work and pay any <br />cost in excess of the net proceeds. <br /> <br />8. Waiver. The waiver of any breach of a term of tl1is of this contract shall not be construed as a waiver <br />of any other term, or of any subsequent breach of the same term. <br /> <br />9. Captions. The captions and headings contained in this contract are for convenience and reference only <br />and shall not be construed so as to define or limit the terms or provisions contracted herein. <br /> <br />10. STATE'S approval. This contract requires revieW and approval of plans, specifications, and various <br />other technical and legal documents. The STATE'S review of these documents is only for the purpose of <br />verifying BORROWER'S compliance with this contract and shall not be construed or interpreted as a technical <br />review or approval of the actual design or construction of the PROJECT rehabilitation. Notwithstanding any <br />consents or approvals given the BORROWER by the STATE on any such documents, BORROWER and its <br /> <br />Morgan County Quality Water District <br /> <br />Page 6 of. 9 <br /> <br />Loan Contract <br />