PROJC02405

• Contract/PO #: C153797
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Water District: 14
• County: Pueblo
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Contract Documents

loan.
14. Security During Repayment. The BORROwER and EvANS shall not sell, convey, assign,
grant, transfer, mortgage, pledge, encumber, or otherwise dispose of any security for this
loan, including the PRO~ECT or any portion thereof, the shares of stock, or the assessment
revenues pledged to repay the loan herein, so long as any of the principal and any accrued
interest on #his loan remain unpaid, without the prior written occurrence of the STaTE.
15. Remedies for default. The BoRROwER and EvANS agree that in the event of default in the
repayment of this loan or default in the performance of any covenant or agreement contained
herein, the STaTE, at its option, may exercise any of the remedies listed below:
a. declare the entire principal amount and accrued interest then outstanding immediately
due and payable; and
b. incur and pay reasonable expenses for repair, maintenance and operation of the PROJECT
facilities herein described and such expenses as may be necessary to cure the cause of
default, and add the amount of such expenditures to the principal of the loan amount; and
c. act upon the deeds of trust, stock assignment, security agreements, or promissory note;
and
d. take possession of the shares of stock and lease the water represented by those shares;
and
e. take possession of the PRO.IECT facilities, repair, maintain, and operate or lease them;
and
f. take any other appropriate action.
All remedies described herein may be simultaneously or selectively and successively
enforced. The provisions of this contract may be enforced by the STATE at its option without
prior waivers of previous defaults by the BoRROwER, through judicial proceedings to require
specific perFormance of this contract, or by such other proceedings in law or equity as may be
deemed necessary by the STATE to ensure compliance with provisions of this contract and the
laws and regulations under which this contract is executed. The STATE~s exercise of any or all
remedies described herein shall not relieve the BoRROwER of any of its duties and obligations
under this contract.
16. Progress Reports. The BORROwER shall, Wlth the aSSISta~Ce Of the CONSULTANT, prepare a
periodic progress report which contains a statement of the PRO~ECT costs expended for that
period and shall forward said statement to the STATE.
17. Periodic Inspections. Throughout the term of this contract, the BoRROwER shall permit a
designated representative of the STATE to make periodic inspections of the PRO~ECT. Such
inspections are solely for the purpose of verifying compliance with the terms and conditions of
this contract. Furthermore, such inspections shall cover the condition of the PROJECT,
operating records, maintenance records, and financial records, and shall not be construed
Excelsior Irrigating Company Page 8 of 15 Loan Contract