Loan agreements shall include: Specification of the purpose, amount, manner of repayment, and other conditions required by the Board of Public Works; The obligation of the applicant to: Construct, install, and operate the pretreatment project in a manner which ensures compliance with pretreatment requirements and technical specifications; Maintain the project for its expected life span; Bind a successor in interest; On loans over $2,500, a granting to the State of a security interest specified by the Department of the Environment in equipment, structures, or property purchased in whole or part with State monies.