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� <br />� <br />a. declare the entire principal amount and accrued interest then outstanding immediately <br />due and payable; <br />b. exercise its rights under the deed of trust, security agreement, stock assignments and/or <br />promissory note; <br />c. take any other appropriate action. <br />All remedies described herein may be simultaneously or selectively and successively <br />enforced. The provisions of this contract may be enforced by the STaTE at its option without <br />regard to prior waivers of previous defaults by the BoRROwER, through judicial proceedings to <br />require specific performance of this contract, or by such other proceedings in law or equity as <br />may be deemed necessary by the STATE to ensure compliance with provisions of this <br />contract and the laws and regulations under which this contract is executed, as permitted by <br />law TI1@ STATE exercise of any or all of the remedies described herein shall not relieve the <br />BoRROwER of any of its duties and obligations under this contract. <br />12. In event of a conflict. In the event of conflict between the terms and conditions as set forth <br />in the any of the appendices, the provisions of this contract shall control. <br />13. Periodic inspections. The BoRROwER shall permit the STATE to make periodic inspections <br />of its operations and accounts by a designated sentative of the STATE Any such <br />inspections by the STaTE are solely for the verifying compliance with the terms <br />and conditions of the contract and shall rued interpreted as an approval of <br />any element of the PRO�ECT. � <br />14. Adhere to applicable laws. The BoR R ' ll y adhere to all applicable federal, <br />state, and local laws and regulations e effect or may hereafter be established <br />throughout the term. of this contract. <br />B. The STaTE agrees as follows: <br />1. Agreement to loan money. The STarE agrees to loan to the BoRROwER up to $500,000 at <br />an interest rate of 4.75% per annum for a term of 20 years to finance PRO�ECT costs. <br />2. Disbursements. The BoRROwER shall request, in writing, the amount of loan funds needed <br />for each disbursement and identify the purpose for the disbursement Upon the STATE <br />review and approval of the request, the STaTE shall disburse the approved amount to the <br />BoRROwER within twenty days of its receipt of the written request. <br />3. Release after loan is repaid. Upon completion of repayment to the STaTE of the entire <br />principal, all accrued interest, and late charges, if any, as specified in the promissory note, <br />the STaTE agrees to execute a release of security agreement to terminate all of the STATE's <br />rights in and to the pledged revenues, and to execute a release of security agreement and a <br />request for release of deed of trust to release all of the STa,TE's right, title and interest in and <br />t0 th@ COLLATERAL. <br />C. The STATE and the BoRROwER mutually agree as follows: <br />1. Designated agent of the STATE. The CWCB, which includes its agents and employees, is <br />hereby designated as the agent of the STATE for the purpose of this contract. <br />2. Contract is not assignable. This contract is not assignable by the BoRROwER except with <br />the prior written approval of the STaTE. <br />Chatfield South Water District Page 6 of 11 <br />