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<br />b. incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT facilities <br />herein described and such expenses as may be necessary to cure the cause of default, and add the <br />amount of such expenditures to the principal of the loan amount; <br /> <br />c. apply the funds contained in the CD ACCOUNT to repayment of the loan; <br /> <br />d. act upon its UCC DOCUMENT and the promissory note; <br /> <br />e. take any other appropriate action. <br /> <br />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 of <br />previous defaults by the BORROWER, through judicial proceedings to require specific performance of this <br />contract, or by such other proceedings in lavvot equity as may be deemed necessary by the STATE to ensure <br />compliance with provisions of this contract and the laws and regulations un<w~ch this contract is executed. <br />The STATE'S exercise of any or all of the remedies described herein shall r) v naRROWER of any of <br />its duties and obligations under this contract. <br /> <br />15.. In event of a conflict. In the event of conflict between tiNs a <br />any of the appendices, the provisions of this contract shall control. <br /> <br />rJr as set forth in the <br /> <br />L <br /> <br />16. Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic <br />progress report which contains a statement of the PROJECT construction costs expended for that period and <br />shall forward said statement to the STATE. <br /> <br />17. Periodic inspections. The BORROWER shall permit the STATE to make periodic inspections of.its <br />construction, operations and accounts by a designated representative of the STATE. Any such inspections by <br />the STATE are solely for the purpose of verifying compliance with the terms and conditions of the contract and <br />shall not be construed nor interpreted as an approval of the actual design and/or construction of any element <br />of the PROJECT. <br /> <br />18. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and local <br />laws and regulations that are in effect or may hereafter be established throughout the term of this contract. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER an amount not to exceed that <br />specified in the promissory note provisions of this contract. <br /> <br />2. Disbursements. After receipt of the periodic progress report from the BORROWER, and review and <br />acceptance of the items therein as eligible expenses as described below, the STATE will pay to the BORROWER <br />the amount set forth in the report or such portion thereof as has been approved by the STATE. Such payment <br />shall be made within thirty (30) days from the STATE'S approval of each progress report. <br /> <br />3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire principal and <br />any accrued interest as specified in the promissory note provisions of this contract, the STATE agrees to <br />execute a UCC-3 form to terminate all of the STATE'S rights in and to the revenues pledged to repay this loan, <br />and to release to the BORROWER any unused funds contained in the CD ACCOUNT that are not needed for the <br />final loan payment. <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 />Town of Lyons <br /> <br />Page 7 of 1 2 <br /> <br />Loan Contract <br />