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<br />a. declare the entire principal amount and accrued interest then outstanding immediately due and <br />payable; <br /> <br />b. incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT <br />facilities herein described and such expenses as may be necessary to cure the cause of default, <br />and add the amount of such expenditures to the principal of the loan amount; <br /> <br />c. act upon the promissory note and security agreement, <br /> <br />d. apply the funds contained in the CD ACCOUNT to the repayment of the loan pursuant to the <br />Assignment of Certificate of Deposit; and/or <br /> <br />e. take any other appropriate action. <br /> <br />17. All remedies described herein may be simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the STATE at its option without regard to prior waivers <br />of previous defaults by the BORROWER, through judicial proceedings to require specific performance of <br />this contract, or by such other proceedings in law or equity as may be deemed necessary by the <br />STATE to ensure 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 herein shall <br />not relieve the BORROWER of any of its duties and obligation der this contract. <br /> <br />18. per.. iodic Inspections. Thro.ughout th. e term.~.s act,~e BORROWER shall permit a <br />designated representative of the STATE to m ic i e.o of the PROJECT and the <br />BORROWER'S operating records, maintenance re ds, a In . ecords. Such inspections are <br />solely for the purpose of verifying compliance wit~ te conditions of this contract. <br /> <br />19. Adhere To Applicable Laws. The BORROW~~strictlyadhere to all applicable federal, state, <br />and local laws and regulations that are in effe~tlf may hereafter be established throughout the term <br />of this contract. <br /> <br />20. 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 the principal amount of <br />$2,000,000 at an interest rate of 4Y:z% per annum for a term of twenty years, as specified in the <br />Promissory Note Provisions of this contract. <br /> <br />2. 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 a release of the <br />security agreement and to release to the BORROWER any unused funds contained in the CD <br />ACCOUNT. <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 />Upper Yampa Water Conservancy District <br /> <br />Page 5 of 10 <br />