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<br />or any portion thereof or the assessment revenues pledged to repay the loan herein, so long as any <br />of the principal and any accrued interest required by the Promissory Note Provisions of the contract <br />remain unpaid without the prior written concurrence of the STATE. <br /> <br />. <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 of any covenant or agreement contained herein, the STATE, <br />at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due <br />and 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 <br />default, and add the amount of such expenditures to the principal of the loan amount; <br /> <br />c. take possession of the PROJECT facilities, repair, maintain, and operate or lease them; <br /> <br />d. act upon the deed of trust, UCC DOCUMENT, and 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 aD .tfli1i/ltlout regard to prior waivers <br />of previous defaults by the BORROWER, through judicial pr<Ie~Uquire specific performance <br />of this contract, or by such other proceedings in law or equity as may be deemed necessary by the <br />STATE to ens. ...u. re. compliance with provisions of this co"r1II...qanq(lQ'"a~.m~~egulations under which <br />this contfact is executed. The STATE'S exercise of aJy19~II~~rI.ediesdescribed herein shall <br />not relieve the BORROWER of any of its duties and obligations under this contract. <br /> <br />14. In event of a conflict. In the event of conflict between the terms of this contract and <br />conditions as set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />1 5. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay <br />the STATE shall include, but not be limited to, assessments levied for that purpose as authorized by <br />resolution of the BORROWER. Furthermore, BORROWER agrees that <br /> <br />a. Revenues for this loan are to be kept separate. The BORROWER hereby pledges such <br />revenues to repay the STATE loan, agrees that these revenues shall be set aside and kept in <br />an account separate from other BORROWER revenues, and warrants that these revenues shall <br />not be used for any other purpose. <br /> <br />b. Establish security interest in the revenues. The BORROWER agrees that, in order to provide <br />a security interest for the STATE in the pledged revenues so that the STATE shall have priority <br />over all other competing claims for such revenues, it shall provide a completed and properly <br />executed Uniform Commercial Code Security Agreement and Financing Statement, hereinafter <br />referred to as UCC DOCUMENT, attached as Appendix C and incorporated herein. <br /> <br />c. Assessments for repayment of the loan. The BORROWER shall, pursuant to its statutory <br />authority, articles of incorporation and by-laws, and as authorized by its resolution, annually <br />seek from its shareholders sufficient assessments, and to take all other necessary actions <br />consistent therewith to levy assessments sufficient to pay this contract loan in a timely <br />manner and as required by the terms and conditions of this contract. Should the shareholders <br />fail to set any such assessments, the BORROWER shall make adequate assessments for the <br /> <br />Windsor Reservoir and Canal Company <br /> <br />Page 6 of 1 2 <br /> <br />Loan Contract <br />