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<br /><7, <br />. , <br />~ <br /> <br />/. . <br /> <br />otherwise dispose of the project or any 'portion thereof, so long as any of the annual <br />installments required by paragraph A13. above remain unpaid, without the prior written <br />concurrence of the State. <br /> <br />B. Upon default in the payments herein set forth to be made by the Contractor, or <br />default in the performance of any covenant or agreement contained herein, the State, at its <br />option, may: (a) declare the entire principal amount then outstanding immediately due and <br />payable; (b) for the account of the Contractor, incur and pay reasonable expenses for repair, <br />maintenance, and operation of the project herein described and such expenses as may be <br />necessary to cure the cause of default; (c) take possession of the project, repair, maintain, <br />and operate or lease it; (d) act upon the security (described in paragraph A14. above) <br />conveyed to the State; (e) take action to enforce paragraphs All. and 13. above; and/or <br />(f) take any other appropriate legal action. All remedies described herein may be <br />simultaneously or selectively and successively enforced. The provisions of this contract may <br />be enforced by the State at its option without regard to prior waivers by it of previous <br />defaults by the Contractor, through judicial proceedings to require specific performance of <br />this contract, or by such other proceedings in law or equity as may be deemed necessary by <br />the State to ensure compliance with provisions of this contract and the laws and regulations <br />under which this contract is entered into. <br /> <br />C. The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the construction of phase one of the project an amount <br />not to exceed Four Hundred Thousand Dollars ($400,000). Said Four Hundred Thousand <br />Dollars ($400,000) shall be made available to the Contractor in accordance with the <br />following terms and conditions: <br /> <br />a. Commencing ten (10) days from the date of this contract and for every month <br />thereafter until said project has been completed, the Contractor shall prepare, with <br />the assistance of the Consultant referred to in paragraph AI. above, an estimate <br />of the funds required for project construction during that month and shall forward <br /> <br />said estimate to the State not less than fifteen (15) days prior to the beginning of <br />such month. <br /> <br />b. Upon receipt and approval by the State of such monthly estimate, the State <br />will, within forty (40) days from the receipt of such estimate, pay over to the <br />Contractor the amount of the monthly estimate or such portion thereof as has been <br />approved by the State. <br /> <br />c. Project construction costs eligible for payment by the State shall be limited to <br />the cost of: <br /> <br />(1) Preparing final designs and specifications for the project. <br /> <br />Page Q. of 11 pages <br />