C-153757 PIF

• Contract/PO #: C-153757
• Contractor Name: Decker Lateral Company, The
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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.
17. 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.
18. 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.
19. 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.
20. No Discrimination Of Services. The services of said PRO II be made available
within its capacity and in accordance with all pertinent statut4s, les 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.
B. The STATE agrees as follows:
1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER an amount not to
exceed $100,000 at an interest rate of 4.25% per annum for a term of thirty years.
2. Disbursements. After receipt of the periodic progress report from the BORROWER, and
review and acceptance of the items therein as eligible expenses as described below, the
STATE will pay to the BORROWER the amount set forth in the report or such portion that has
been approved by the STATE. The STATE shall make such payment within thirty (30) days
from the STATE'S approval of each progress report.
3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire
principal and any accrued interest as specified in the promissory note, the STATE agrees to
execute releases of the security agreements and the Assignment of Deposit Account as
Security to convey to the BORROWER all of the STATE'S right, title, and interest in and to the
security provided for this loan, to file a UCC-3 form with the Secretary of State to terminate all
of the STATE'S rights in and to the security provided for this loan, and to release to the
The Decker Lateral Company Page 8 of 14 Loan Contract