C153769 Paid in Full Contract

• Contract/PO #: C153769
• Contractor Name: Agricultural Ditch and Reservoir Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

loan, so long as any of the principal and any accrued interest on this loan remain unpaid,
without the prior written concurrence of the STATE. •
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. e -Fit contained herein,
the STATE, at its option, may:
a. declare the entire principal amount and accrued i t then outstan. g immediately
due and payable; ;
b. incur and pay reasonable expenses for repair, maint n , LILi of the
PROJECT facilities herein described and such expenses as may be necessa cure the
cause of default, and add the amount of such expenditures to the principal of the loan
amount;
c. act upon the Promissory Note, Deed of Trust, Security Agreements, Conditional
Assignment of Contract Proceeds and/or Assignment Of Deposit Account As Security;
d. 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 shall forward 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 inspections of the PROJECT. Such
inspections are solely for the purpose of verifying compliance with the terms and conditions
of this contract. Furthermore, such inspections shall cover the condition of the PROJECT,
operating records, maintenance records, and financial records, and shall not be construed
nor interpreted as an approval of the actual design and/or construction of any element of the
PROJECT facilities.
18.Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal,
state, and local laws and regulations that are in effect or may hereafter be established
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 entitled thereto without discrimination as to race, color,
religion, or national origin, in accordance with a schedule of such charges formally adopted
The Agricultural Ditch and Reservoir Company Page 8 of 14 Loan Contract