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<br />I <br /> <br /> <br />contract. Furthermore, such inspections shall cover the condition of the PROJECT, operating <br />records, maintenance records, and financial records, and shall not be construed nor interpreted as ' <br />an approval of the actual design and/or construction of any element of the PROJECT facilities. <br /> <br />17. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, <br />and local laws and regulations that are in effect or may hereafter be established throughout the <br />term of this contract. <br /> <br />18. No Discrimination Of Services. The services of said PROJECT shall be made available within its <br />capacity and in accordance with all pertinent statutes, rules and regulations, and operational <br />guidelines without discrimination as to race, color, religion, or national origin in accordance with a <br />schedule of such rates formally adopted by the BORROWER, as may 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 to <br />exceed that specified in the Promissory Note Provisions of this contract. <br /> <br />2. Disbursements. After receipt of the periodic progress report from the BORROWER, and review <br />and acceptance of the items therein as eligible expenses as described below, the STATE will pay <br />to the BORROWER the amount set forth in the report or such portion that has been approved by the <br />STATE, Such payment shall be made within thirty (30) days from the STATE'S approval of each <br />progress 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 an ,as s e ifi E agrees to <br />o ee 0 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 <br />this loan. <br /> <br />C. The STATE and the BORROWER mutually agree as follows: <br /> <br />1. Designated Agent Of The STATE. The eWCB, which includes its agents and employees, is <br />hereby designated as the agent of the ST ATE for the purpose of this contract. <br /> <br />2. ,Contract Is Not Assignable. This contract is not assignable by the BORROWER except with the <br />prior 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, <br />or servant of the STATE. The BORROWER shall be solely and entirely responsible for its acts and <br />the acts of its agents, employees, servants, engineering firms, construction f"lrms, and <br />subcontractors 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 <br />hereto shall have any force Or effect unless embodied in a written contract executed and approved <br />pursuant to STATE fiscal rules, unless 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 <br />as 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 fifty <br />percent (50%) of the cost of: <br /> <br />.'-0,' <br /> <br />The Consolidated Mutual Water Compa.ny <br /> <br />Page 7 of 11 <br />