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<br />shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise <br />dispose of the PROJECT or the revenues pledged to repay the loan herein, so long as any <br />of the principal and any accrued interest or late charges, if any, as required by the <br />promissory note remain unpaid, without the prior written concurrence of the STATE. In the <br />event of any such sale or transfer of the PROJECT, the BORROWER covenants to apply all <br />of the proceeds of the sale or transfer of the PROJECT to the outstanding principal, <br />interest, and late charges, if any, on this loan. <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 by the CITY and/or the BORROWER of any <br />covenant or agreement contained herein, the STATE, at its option, may: <br /> <br />a. incur and pay reasonable expenses for repair, maintenance, and operation of the <br />PROJECT facilities herein described and such expenses as may be necessary to cure <br />the cause of default, and add the amount of such expenditures to the principal of the <br />loan amount; <br /> <br />b. exercise its rights under the Promissory Note and/or the Security Agreement, <br /> <br />c. take any other appropriate action. A. ..n <br /> <br />All remedies described herein may be s~or selectively and successively <br />enforced. The provisions of this Gon..t.r.ac~.i ay.. b..e enf~" by the STATE at its option <br />without regard to prior waivers of previ ~d~ t\7 ,pY and/or the BORROWER, <br />through judicial proceedings to requir .fic~~ ce of this ,contract, or by such <br />other proceedings in law or equity asTh be deemed necessary by the STATE to ensure <br />compliance with provisions of this contract and the laws and regulations under which <br />this contract is executed. The STATE'S exercise of any or all of the remedies described <br />herein shall not relieve the CITY and the BORROWER of any of their duties and obligations <br />under this contract. <br /> <br />14.ln event of a conflict. In the event of conflict between the terms and conditions as set <br />forth in the any of the appendices, the provisions of this contract shall control. <br /> <br />15. Periodic inspections. The CITY and the BORROWER shall permit the STATE to make <br />periodic inspections of the PROJECT and their accounts by a designated representative of <br />the STATE. Any such inspections by the STATE are solely for the purpose of verifying <br />compliance with the terms and conditions of the contract. <br /> <br />16. Adhere to applicable laws. The CITY and the BORROWER shall strictly adhere to all <br />applicable federal, state, and local laws and regulations that are in effect or may <br />hereafter be established throughout the term of this contract. <br /> <br />17. No Discrimination Of Services. The CITY'S services shall be made available within its <br />capacity and in accordance with all pertinent statutes, rules and regulations, and <br />operational guidelines to all persons in the CITY'S service area without discrimination as <br />to race, color, religion, or national origin at reasonable charges (inc!uding assessments <br />or fees), whether for one or more classes of service, in accordance with a schedule of <br />such charges formally adopted by the CITY, as may be modified from time to time. <br /> <br />City of Loveland and City of Loveland, <br />Colorado, Water Enterprise <br /> <br />Page9of15 <br />