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<br />.'-", <br /> <br />14. 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 term <br />of this contract. <br /> <br />15. 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 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 one or <br />more classes of service, in accordance with a schedule of such charges formally adopted by the <br />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 exceed <br />$590,590 at an interest rate of 3% per annum for a term of forty years. <br /> <br />2. Disbursements. The B.ORROWER shall request in writing the amount of loan funds needed for the <br />purchase of the Shares not less than two weeks before the closing date of that purchase. The STATE <br />shall disburse the requested amount to the BORROWER within ten days of its receipt of the written <br />request. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal and <br />any accrued interest as specified in the promissory note, the STATE agrees to execute releases of the <br />deed of trust and the security agreements to convey to the BORROWER all of the STATE'S right, title, <br />and interest in and to the security provided for this loan, and to file a UCC-3 form with the Secretary of <br />State to terminate all of the ST ATE'S rights in and to the security provided for this 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 acts <br />of its agents, employees, servants. engineering firms, construction firms, and subcontractors during <br />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, deletion, <br />or other amendment hereto shall have any force or effect whatsoever unless embodied herein in <br />writing. No subsequent novation, renewal, addition, deletion, or other amendment hereto shall have <br />any force or effect unless embodied in a written contract executed and approved pursuant to STATE <br />fiscal rules, with the exception of the Revision Letter as described in the Changes Provision of this <br />contract. <br /> <br />5. Eligible Expenses. PROJECT costs eligible for financing by the STATE shall be limited to the cost of <br />the purchase price of the Excelsior Irrigating Company Shares. <br /> <br />Arkansas Groundwater Users Association <br /> <br />Page 6 of 10 <br /> <br />Loan Contract <br />