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� <br />additional water user charges and storage fees and to pledge <br />additional revenues therefrom in a sufficient amount and in a <br />timely manner to cure the default and to repay the State as <br />required by the Contract. Such additional revenue shall be deemed <br />covered by the existing security interest. If the Borrower fails <br />or refuses to raise its water user charges and storage fees within <br />60 days of receipt of such notice from the State, the Borrower <br />shall be considered in default under this provision, and the State <br />shall be entitled to all remedies provided for in paragraph 13 <br />herein. <br />11. The Borrower shall comply with the requirements of <br />�37-60-120, C.R.S. and with any other applicable state, federal or <br />local statutes, procedures, requirements, rules, regulations or <br />ordinances. <br />12. The Borrower shall not convey, sell, lease, assign, <br />grant, transfer, mortgage, pledge, encumber, or otherwise dispose <br />of its interest in the Platoro Dam and Reservoir, or any portion <br />thereof, so long as any of the annual installments required by this <br />Contract remain unpaid, without the prior written concurrence of <br />the State. <br />13. Upon default in the payments herein set forth to be made <br />by the Contractor, or default i rformance of any covenant or <br />agreement contained herei e, at its option, may (a) <br />declare the entire amount, p and interest, then outstanding <br />immediately due and payable; (b) h account of the Borrower, <br />incur and pay reasonabl pair, maintenance and <br />operation of the Platoro ri e ir and such expenses as may <br />be necessary to cure the s of the default; (c) take possession <br />of Platoro Dam and Reservoir, repair, maintain and operate it as <br />further described below; (d) take action under the security <br />interest required by this contract; and (e) take any other <br />appropriate legal action, including, but not limited to, an action <br />enforcing specific performance of this Contract. All remedies <br />described herein may be simultaneously, selectively or successively <br />enforced, except as stated below. No delay or failure of the State <br />in exercising any right, power or privilege under this Contract <br />shall operate as a waiver thereof. In addition, the provisions of <br />this Contract may be enforced by the State at its option without <br />regard to prior waivers by it of previous defaults by the <br />Contractor, through judicial proceedings to require specific <br />performance of this Contract, or by such other proceedings in law <br />or equity as may be deemed necessary by the State to ensure <br />compliance with provisions of this Contract and the laws and <br />regulations under which this Contract is entered into. <br />The State shall not take possession of Platoro Dam and <br />Reservoir unless the Borrower fails to make the two installment <br />payments into the reserve escrow account and fails to make the <br />first full installment payment of $26,085.06 to the State within <br />= <br />