Laserfiche WebLink
04;'04%94 15:32 $��d6 �1�174 <br />ZO�I! CQITRACr <br />8eaver Park Yater, Inc. <br />��i bi ! i t�r Stud�r <br />CR'CB � <br />� 042 <br />the feasibility study by tb�e Statc. Subsequent pay��ents shail be due and payable on the <br />sanne month and day of �ach year tbereafter un.ti.l aXX principal ax�d accrued interest <br />have been paid. <br />6d. If tbe Borrower does proceed witkz the construction of the subject project <br />then the Seventy-Five 'I�ousand Dollars ($'�S,�Q� �d any acGrued interest at a.rat�e of <br />three and one half percent (3.5%'0) fo�r the feasibili�j; study �may be rolled inta the <br />cor�;,a�+.�c::�n i.�an fo= this �;�oject. ' <br />�e. �fhe princiPal amount of the obligation. of 8orrower to the State shall not in <br />any event exceed the amount which bas actuauy been paid out by t�e State to the <br />Borxower under ihis Conttact, Not.hing � t� ��n�act is �iritended lo state or ir�piy <br />that the $orrower sha11 have any obligadon to the Consultant in excess of money <br />actua.liy paid out by the State to <br />der t.�is Conxract. <br />7. (D�En OF TRUST P,RO SI011fiS i � <br />7a. As security far the i b� y the State, the Borrower k�as <br />executed a deed of trust as sh in Ap�endix D, 'I'he security provided therein shall <br />be an undr.v�ided one huarl�.ed pe�cent (lp0%) interest iui the followi.ng: <br />460.909 acres and all improvements owned by tl�e Borrower thereon, 1pc�ted <br />in sections 24 a.nd 25 of T 18 S, R b9 'VV and in sections 19 and 30 0� 7' 18 S, <br />R 68 W, of thc bth pri.ncipal rt�eri�� ��escrihed the attached Deed of <br />T.cust (Appendix n.) This includes the Brush �Toilovv Dam a.r1d Reservozr, <br />and lanc�s upon which it is located. <br />7b• Upozl defauli in the payme�ats herein set forth to be madc by ihe Borrower, <br />or defau[t i.n the performa.uce of any covenant or agxeement contai.ned herein, tbe <br />State, at its option, may_ (�) declare the entire princxpal amou�r�t then outsta�.ding <br />im.mediately due and payable; (b) for the account of the Barrower, in.� �d pay <br />reasonable exp�nses fvr repair, mtintenance, anei operat�on nf the project herein <br />described and such expenses as may be necessary to cure the cause af default; (c) tak� <br />possession of the project, repa�r, maintain, and operate or Iease it; (d) act upon the <br />security (descrfbed xn Appendix D); ie) take action to enforce paragraphs 6. an.d 8. ; <br />a.ad/or (� take arry otb�er appropriate legal action. AI! reznedies desczibed herein may <br />be si.multaneously or seIectively a.nd saccessively enforced. 'Tbe provi���� �f �,S <br />contraci may be enforrced by the State at it� option without regard to priar wa.ivers by it <br />of previous defaults by tt�e Borrower, through judicial proceedings to require speci.fi� <br />performance of this contract, or by such other proceedxngs i.n Iaw c�r ey�ty as may be <br />Page 4 oi 10 Pages <br />���� <br />