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firm, other than a bona fide employee, any fee, commission, percentage, gift, or other <br /> consideration contingent upon or resulting from the award or the making of this contract. <br /> d. The BORROWER warrants that the property identified in the Collateral Provisions of this <br /> contract is not encumbered by any other deeds of trust to any party other than the STATE or <br /> in any other manner. <br /> 11 . Collateral. Part of the security provided for this loan, as evidenced by the executed deed of <br /> trust attached as Appendix B and incorporated herein, shall be an undivided one hundred percent <br /> (100%) interest in the following, hereinafter referred to as SECURITY: the Brush Hollow Dam and <br /> Reservoir and all appurtenances thereto and the land on which the dam and reservoir lie consisting <br /> of approximately 461 acres and as more fully described in the attached deed of trust. <br /> 12. Collateral during repayment. The BORROWER shall not sell, convey, assign, grant, transfer, <br /> mortgage, pledge, encumber, or otherwise dispose of any security for this loan, including the PROJECT <br /> or any portion thereof or the assessment revenues pledged to repay the loan herein, so long as any <br /> of the principal and any accrued interest required by the Promissory Note Provisions of the contract <br /> remain unpaid without the prior written concurrence of the STATE. <br /> 13. Remedies for default. Upon default in the payments herein set forth to be made by the <br /> BORROWER, or default in the performance of any covenant or agreement contained herein, the STATE, <br /> at its option, may: <br /> a. declare the entire principal amount and accrued interest then outstanding immediately due <br /> and payable; <br /> b. incur and pay reasonable a '• 5t, .f rt) , maintenance, and operation of the PROJECT <br /> facilities herein described angt4. G4i enses as m y be necessary to cure the cause of <br /> default, and add the amount of such expe d tus t the principal of the loan amount; <br /> r <br /> c. take possession of theft . T f2� i ti i.,�3ep if, maintain, and operate or lease them; <br /> d. act upon the deed of trust, security agreement and promissory note; <br /> e. take any other appropriate action. <br /> All remedies described herein may be simultaneously or selectively and successively enforced. <br /> The provisions of this contract may be enforced by the STATE at its option without regard to prior <br /> waivers of previous defaults by the BORROWER, through judicial proceedings to require specific <br /> performance of this contract, or by such other proceedings in law or equity as may be deemed <br /> necessary by the STATE to ensure compliance with provisions of this contract and the laws and <br /> regulations under which this contract is executed. The STATE'S exercise of any or all of the remedies <br /> described herein shall not relieve the BORROWER of any of its duties and obligations under this <br /> contract. <br /> 14. In event of a conflict. In the event of conflict between the terms of this contract and <br /> conditions as set forth in any of the appendices, the provisions of this contract shall control. <br /> 15. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay <br /> the STATE shall include, but not be limited to, assessments levied for that purpose as authorized by <br /> resolution of the BORROWER. Furthermore, BORROWER agrees that <br /> Beaver Park Watery,Inc. Page 6 of 12 Loan Contract <br />