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<br />~ <br /> <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 installments required by <br />paragraph B.16. above remain unpaid. <br /> <br /> <br />C. Upon default in the payments he ort~o be made by <br />the Contractor to the State. or defa In~p frmance of <br />any covenant or agreement contained her~. t te shall <br />have all the rights of a holder of B er the <br />Resolution and, at its option, may~~ yother appropriate <br />legal action. All remedies descri~~erein 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 a~l 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 i of ~ Pages <br />