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<br />--', <br /> <br />such inspections by the STATE are solely for the purpose of verifying compliance with the temns <br />and conditions of the contract. <br /> <br />15. Adhere to applicable laws. The TOWN and the BORROWER shall strictly adhere to all applicable <br />federal, state, and local laws and regulations that are in effect or may hereafter be established <br />throughout the term of this contract. <br /> <br />16. No Discrimination Of Services. The Borrower's services shall be made available within its <br />capacity and in accordance with all pertinent statutes, rules and regulations, and operational <br />guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, <br />religion, or national origin at reasonable charges (including assessments or fees), whether for <br />one or more classes of service, in accordance with a schedule of such charges formally adopted <br />by theTown, 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 the principal amount of <br />up to $190,000 at an interest rate of 5.25% per annum for a term of 30 years, as specified in the <br />attached Promissory Note. <br /> <br />2. Disbursements. The BORROWER should request in writing the amount of loan funds needed for <br />the purchase of the FHL Shares and for the reimbursement of engineering and/or legal costs at <br />least two weeks before the funds are needed. The STATE shall disburse the requested amount to <br />the BORROWER within ten days of its receipt of the written request. <br /> <br />3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal <br />and any accrued interest or late charges, if any, as specified in the attached Promissory Note, the <br />STATE agrees to execute releases of the Security Agreement and Deed of Trust to terminate all <br />of the STATE'S rights in and to the revenues pledged to repay this loan and to the COLLATERAL <br />and to execute the necessary documents to delete CWCB's name from the stock certificates and <br />return possession of the certificates to the Town. <br /> <br />C. The STATE, the TOWN, and the BORROWER mutually agree as follows: <br /> <br />1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is <br />hereby 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 TOWN and/or the BORROWER <br />except with the 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 TOWN/BoRROWER shall be, or shall be deemed to be, an employee, <br />agent, or servant of the STATE. The TOWN and the BORROWER will be solely and entirely <br />responsible for their acts and the acts of their agents, employees, servants, engineering firms, <br />construction firms, and 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 <br />approved pursuant to STATE fiscal rules. <br /> <br />Town of Georgetown & Town of Georgetown <br />Water and Sewer Activity Enterprise <br /> <br />Page 7 of 11 <br />