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<br />hereby pledged to the payment of the principal of and interest <br />on the Bond and the obligation of the Contractor to pay the <br />principal and interest on the Bond constitutes a general <br />obligation of the Contractor and shall be payable from General <br />Taxes (as defined in the Resolution) on all taxable property in <br />the geographical area of the Contractor (except to the extent <br />any net revenues of the Contractor's water system are available <br />therefor). There is also pledged to the payment of the <br />principal of and interest on the Bond an irrevocable pledge of <br />Revenues (as defined in the Resolution) and the funds created <br />under the Resolution sUbject to the applications of such <br />Revenues and funds for the purposes contained in the Resolution. <br /> <br />Notwithstanding anything contained in this agreement to the <br />contrary. the Obligation to make payment to the Board of <br />amounts. other than principal and interest on the Bond. is <br />sUbject and subordinate to the payment of the Bond and the <br />Outstanding Bonds (as defined in the Resolution) pursuant to <br />the Resolution and the resolutions authorizing the Outstanding <br />Bonds. <br /> <br />19. Not sell. convey. assign. grant. transfer. mortgage. <br />pledge. encumber. or otherwise dispose of the project or any <br />portion thereof without the prior written concurrence of the <br />State so long as any of the annual i~~~ents required by <br />paragraph B.16. above remain unpai .~~ <br /> <br />C. Upon default in the payments rein~~ to be made by <br />the Contractor to the State. or defa~ performance of <br />any covenant or agreement conta~' hI. the State shall <br />have all the rights of a holder e ond under the <br />Resolution and. at its option. m 'take any other appropriate <br />legal action. All remedies described herein may be <br />simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the State at its <br />option without regard to prior waivers by it of previous <br />defaults by the Contractor. through jUdicial proceedings to <br />require specific performance of this contract. or by such other <br />proceedings in law or equity as may be deemed necessary by the <br />State to insure compliance with provisions of this contract and <br />the laws and regulations under which this contract is entered <br />into. <br /> <br />D. This contract is not assignable by the Contractor except <br />upon the prior written approval of the State. <br /> <br />E. The parties to this contract intend that the relationship <br />between them contemplated by this contract is that of <br />lender-borrower. not employer-employee. No agent. employee. or <br />servant of the Contractor shall be or shall be deemed to be an <br />employee. agent. or servant of the State. The Contractor will <br />be solely and entirely responsible for its acts and the acts of <br />its agents. employees. servants. engineering firms. <br />Construction Firms. and subcontractors during the performance <br />of this contract. <br /> <br />F. At all times during the performance of this contract. the <br />Contractor shall strictly adhere to all applicable federal and <br />state laws that have been or may hereafter be established. <br /> <br />G. This agreement is intended as the complete integration of <br />all understandings between the parties. No prior or <br />contemporaneous addition. deletion. or other amendment hereto <br />shall have any force or effect whatsoever unless embodied <br />herein in writing. No subsequent novation. renewal. addition. <br />deletion. or other amendment hereto shall have any force or <br />effect unless embodied in a written contract executed and <br />approved pursuant to the State fiscal rules. <br /> <br />Page 2 of ~ Pages <br />