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C153723 PIF Contract
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C153723 PIF Contract
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Last modified
12/11/2012 10:49:04 AM
Creation date
12/11/2012 10:33:47 AM
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Loan Projects
Contract/PO #
C153723
Contractor Name
Orchard Mesa Irrigation District
Contract Type
Loan
Water District
72
County
Mesa
Bill Number
HB 95-1155
Loan Projects - Doc Type
Contract Documents
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14. Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or <br />default in the performance of any covenant or agreement contained herein, the STATE, at its option, may: <br />a. declare the entire principal amount and accrued interest then outstanding immediately due and <br />payable; <br />b. incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT facilities <br />herein described and such expenses as may be necessary to cure the cause of default, and add the <br />amount of such expenditures to the principal of the loan amount; <br />c. apply the funds contained in the CD ACCOUNT to repayment of the loan; <br />d. act upon the promissory note and security interest; <br />e. take any other appropriate action. <br />All remedies described herein may be simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the STATE at its option without regard to prior waivers of <br />previous defaults by the DISTRICT and /or the BORROWER,, gh judicial proceedings to require specific <br />performance of this contract, or by such other proceedi or equity as may be deemed necessary by <br />the STATE to ensure compliance with provisions o - KOO69, nd th aws and regulations under which this <br />contract is executed. The STATE'S exercise of an N* 1ti►ry` a re I d cribed herein shall not relieve the <br />DISTRICT or the BORROWER of any of its duties andJligatio t ntract. <br />15. In event of a conflict. In the event of 9p44W b e the terms of this contract and conditions as <br />set forth in any of the appendices, the provisioii ontract shall control. <br />16. Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic <br />progress report which contains a statement of the PROJECT construction costs expended for that period and <br />shall forward said report to the STATE. <br />17. Periodic inspections. Throughout the term of this contract, the BORROWER shall permit a designated <br />representative of the STATE to make periodic inspections of the PROJECT. Such inspections are solely for the <br />purpose of verifying compliance with the terms and conditions of this contract. Furthermore, such inspections <br />shall cover the condition of the PROJECT, operating records, maintenance records, and financial records, and <br />shall not be construed nor interpreted as an approval of the actual design and /or construction of any element <br />of the PROJECT facilities. <br />18. No dissolution of water enterprise. The DISTRICT and the BORROWER agree not to terminate or dissolve <br />the BORROWER, nor adversely withdraw or deplete its assets, nor otherwise adversely affect the BORROWER's <br />ability to perform during the term of this contract. <br />19.. Adhere to applicable laws. The DISTRICT and the BORROWER shall strictly adhere to all applicable <br />federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the <br />term of this contract. <br />20. No discrimination of services. The services of said PROJECT shall be made available within its capacity <br />and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons <br />in the DISTRICT'S Mutual Mesa service area without discrimination as to race, color, religion, or national origin <br />at reasonable charges (including assessments or fees), whether for one or more classes of service, in <br />accordance with a schedule of such charges formally adopted by the DISTRICT, as may be modified from time <br />to time. <br />Orchard Mesa Irrigation District & Page 7 of 12 Loan Contract <br />Mutual Mesa Lateral Enterprise <br />
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