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<br />I""-~~~\ <br />'. , <br /> <br />12. The Borrower shall not convey, sell, lease, assign, <br />grant, transfer, mortgage, pledge, encumber, or otherwise dispose <br />of its interest in the Allotment Contract, or any portion thereof, <br />so long as any of the annual installments required by this Contract <br />remain unpaid, without the prior written concurrence of the State. <br />However, temporary assignment of all or a portion of its capacity <br />allotment in the Allotment Contract to another participant in the <br />Project, as permitted by paragraph 13 of the Allotment Contract, is <br />not prohibited by this provision so long as such action does not <br />affect the Borrower's ability to repay its obligations under this <br />contract. <br /> <br />13. The Borrower shall provide the State with such <br />periodic reports as the State may require and permit periodic <br />inspections of its operations and accounts by a designated <br />representative of the State qualified in the area in which such <br />inspection is being made, Any such inspections by the state is <br />solely for the purpose of verifying compliance with the terms and <br />conditions of the contract and shall not be construed nor <br />interpreted as an approval of the actual design and/or construction <br />of any element of the project. <br /> <br />14. The Borrower shall comply with the requirements of <br />~37-60-120, C,R,S. and with any other applicable state, federal or <br />local statutes, procedures, requirements, rules, regulations or <br />ordinances. <br /> <br />C. Upon default in the payments herein set forth to be made <br />by the Borrower, or default in the performance of any covenant or <br />agreement contained herein, the State, at its option, may <br /> <br />1. declare the entire amount, principal and interest, <br />then outstanding immediately due and payable; <br /> <br />2. for the account of the Borrower, incur and pay <br />reasonable expenses for maintenance of the Borrower's interest in <br />the Allotment Contract and such expenses as may be necessary to <br />cure the cause of the default; <br /> <br />3. take action to enforce the security interests <br />required by this contract, including without limitation action to <br />enforce the State's security interest in the revenues generated by <br />the payment of water user charges and fees and in the Allotment <br />Contract consistent with the terms of such contract; <br /> <br />4. take any other appropriate legal action, including, <br />but not limited to, an action enforcing specific performance of <br />this Contract. <br /> <br />All remedies described herein may be simultaneously, <br />selectively or successively enforced, except as stated below. No <br />delay or failure of the State in exercising any right, power or <br />privilege under this Contract shall operate as a waiver thereof. <br /> <br />Page 9 of 13 pages <br />