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<br />. . <br /> <br />'-- <br /> <br />18. Not sell, convey, assign, grant, transfer, mortgage, <br />pledge, encumber, or otherwise dispose of the project or any <br />portion thereof, so long as any of the annual installments <br />required by paragraph B.13. above remain unpaid, without the <br />prior written concurrence of the state. <br /> <br />C. Upon default in the payments herein set forth to be made by <br />the Contractor, or default in the performance of any covenant or <br />agreement contained herein, the state, at its option, may: (a) <br />declare the entire principal amount then outstanding immediately <br />due and payable; (b) for the account of <br />the Contractorr incur and pay reasonable expenses for repair, <br />maintenance, and operation of the project herein described and <br />such expenses as may be necessary to cure the cause of default; <br />(c) take possession of the project, repair, maintain, and <br />operate or lease it; (d) act upon the security (described in <br />paragraph B.14. above) conveyed to the state; (e) take action to <br />enforce paragraphs B.11. and 13. above; and/or (f) take any <br />other appropriate legal action. All remedies described herein <br />may be simultaneously or selectively and SU~m'3. enforced. <br />The provisions of this contract may be enf~1 ;ne state at <br />its option without regard to prior waivers by ~ . revious <br />defaults by the contractor, through ju4J~~lfleedingS to <br />require,spec~fic performa~ce of this cdbt~c iby such other <br />proceed~ngs ~n law or equ~ty as may be deeme nes~~~y by the <br />state to ensure compliance with provisions of this contract and <br />the laws and regulations under which this contract is entered <br />into. <br /> <br />D. The state agrees that it shall: <br /> <br />1. Loan to the Contractor for the construction of the <br />project an amount not to exceed Seven Hundred Fifty-Two Thousand <br />Dollars ($752,000). Said Seven Hundred Fifty-Two Thousand <br />Dollars ($752,000) shall be made available to the Contractor in <br />accordance with the following terms and conditions: <br /> <br />a. Commencing ten (10) days from the date of this <br />contract and for every month thereafter until said <br />project has been completed, the Contractor shall <br />prepare, with the assistance of the Consultant referred <br />to in paragraph B.1. above, an estimate of the funds <br />required for project construction during that month and <br />shall forward said estimate to the State not less than <br />fifteen (15) days prior to the beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate, the State willr within forty (40) <br />days from the approval of such estimate, pay over to <br />the Contractor the amount of the monthly estimate or <br />such portion thereof as has been approved by the State. <br /> <br />c. Project construction costs eligible for payment by <br />the State shall be limited to the cost of: <br /> <br />(1) Preparing final designs and specifications for <br />the project. <br /> <br />(2) Preparing bid and construction contract <br />documents. <br /> <br />(3) Preparing environmental assessment or <br />environmental impact statements, and otherwise <br />complying with the federal National Environmental <br />Policy Act. <br /> <br />(4) Complying with all federal, state, and local <br />regulatory requirements, including the obtaining of <br />all required permits. <br /> <br />Page ~ of 11 Pages <br />