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<br />loan, so long as any of the principal, accrued interest, and late charges, if any, on this loan <br />remain unpaid, without the prior written concurrence of the STATE. In the event of any such <br />transfer or encumbrance without the STATE'S written concurrence, the STATE may at any time <br />thereafter declare all outstanding principal and interest on this loan immediately due and <br />payable. <br /> <br />13. Remedies for default. Upon default in the payments herein set forth to be made by the <br />BORROWER, or default in the performance DY the BORROWER of any covenant or agreement <br />contained herein, the STATE, at its option, may (a) declare the entire principal amount and <br />accrued interest then outstanding immediately due and payable; (b) exercise its rights under this <br />contract, the Promissory Note, and/or the security agreement; (c) take any other appropriate <br />action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively enforced. <br />The provisions of this contract may be enforced by the STATE at its option without regard to prior <br />waivers of previous defaults by the BORROWER, through judicial proceedings to require specific <br />performance of this contract, or by such other proceedings in law or equity as may be deemed <br />necessary by the STATE to ensure compliance with provisions of this contract and the laws and <br />regulations under which this contract is executed. The STATE'S exercise of any or all of the <br />remedies described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this contract. <br /> <br />14. In event of a conflict. In the event of confiict between the terms and conditions as set forth in <br />the any of the appendices, the provisions of this contract shall control. <br /> <br />15. Periodic inspections. Throughout the term of this contract, the BORROWER shall permit a <br />designated representative of the STATE to make periodic inspections of the PROJECT. Such <br />inspections are solely for the purpose of verifying compliance with the terms and conditions of <br />this 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 <br />as an approval of the actual design and/or cOrlstruction of any element of the PROJECT facilities. <br /> <br />16. 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 />17. Progress Reports. The Borrower shall prepare a periodic progress report which contains a <br />statement of the Project costs expended for that period and shall forward said statement to the <br />State. <br /> <br />18. Construction Fund Program Procedures. The Borrower shall follow such procedures as <br />shown on the Construction Fund Program Procedures attached hereto as Appendix E and <br />incorporated herein. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER up to $922,000 at an <br />interest rate of 4% per annum for a term of thirty (30) years to finance PROJECT costs. <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 <br />the STATE. Such payment shall be made within thirty (30) days from the STATE'S approval of <br />each progress report. <br /> <br />Town of Palisade <br /> <br />Page 6 of 11 <br />