C150044 Paid in Full Contract

• Contract/PO #: C150044
• Contractor Name: Riverside Reservoir & Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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loan, so long as any of the principal, all accrued interest, and late charges, if any, on this loan
remain unpaid, without the prior written concurrence of the STATE. In the event of any such
sale, transfer or encumbrance without the STATE'S written concurrence, the STATE may at any
time thereafter declare all outstanding principal and interest on this loan immediately due and
payable.
15. Remedies For Default. Upon default in the payments herein set forth to be made by the
BORROWER, or default in the performance of any covenant or agreement contained herein, the
STATE, at its option, may:
a. declare the entire principal amount and accrued interest then outstanding immediately due
and payable;
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;
c. exercise its rights under the Promissory Note, Security Agreement, Assignment Of Deposit
Account As Security, Assignment Of Certificate Of Deposit, and Deed Of Trust,
d. apply the funds contained in the CD ACCOUNT to the repayment of the loan;
e. 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 regard to 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 of the
remedies described herein shall not relieve the BORROWER of any of its duties and obligations
under this contract.
16. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a
periodic progress report which contains a statement of the PROJECT costs expended for that
period and submit 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''a sections of the PROJECT. Such
inspections are solely for the purpose of verifying complian,- 4 h - s and conditions of this
contract. Furthermore, such inspections shall c ver the PROJECT, operating
records, maintenance records, and financial record all no • • ed nor interpreted as
an approval of the actual design and/or constructi e► + of the PROJECT facilities.
18. Adhere To Applicable Laws. The BORROWER shall strictl • a e • a• 'cable federal, state,
and local laws and regulations that are in effect or may hereaft- •- - ; ished throughout the
term of this contract.
19. No Discrimination Of Services. The services of said PROJECT shall be made available within its
capacity and in accordance with all pertinent statutes, rules and regulations, and operational
guidelines to all persons in the BORROWER'S service area without discrimination as to race, color,
religion, or national origin at reasonable charges (including assessments or fees), whether for one
or more classes of service, in accordance with a schedule of such charges formally adopted by
the BORROWER, as may be modified from time to time.
Riverside Reservoir and Land Company Page 7 of 12 Loan Contract C150044