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<br />11. Obtain and maintain general fire and hazard insurance <br />on the project in an amount not less than the outstanding <br />amount of the loan made by the State to the Contractor until <br />the Contractor has repaid the loan in the full under the terms <br />of paragraph A.I0. above. The State shall be named coinsured <br />with the Contractor on this pOlicy. By acceptance of the loan <br />money pursuant to the terms of this contract and by Contractor <br />representation herein. the Contractor shall be estopped from <br />asserting for any reason that it is not authorized or obligated <br />to repay the loan money to the State as required by this <br />contract. <br /> <br />B. Upon default in the payments herein set forth to be made by <br />the Contractor. or default in the performance of any covenant <br />or agreement contained herein. the State. at its option. may <br />(a) declare the entire principal amount then outstanding <br />immediately due and payable; (b) at the expense of the <br />Contractor. incur and pay reasonable expenses for repair. <br />maintenance. and operation of the project herein described and <br />such expenses as may be necessary to cure the cause of default: <br />(c) act upon the security (described in paragraph A.a. above) <br />granted to the State; and/or (d) take any other appropriate <br />legal action. All remedies may be simultaneously or <br />selectively and successively enforced. The provisions of this <br />contract may be enforced by the State at its option without <br />regard to prior waivers by it of previous defaults by the <br />Contractor, through judicial proceedings to require specific <br />performance of this contract or by such other proceedings in <br />law or equity as may be deemed necessary by the State to insure <br />compiiance with provisions of this contract and the laws and <br />regUlations under which this contract is entered into. <br /> <br />C. The State agrees that it shall loan to the Contractor for <br />the purpose of this contract an amount not to exceed One <br />Hundred Thousand Dollars and No Cents($IOO,OOO.OO). Said One <br />Hundred Thousand Dollars and No Cents($lOO.OOO.oO) shall be <br />made available to the Contractor on or before August 17. 1988 <br /> <br />D. This contract is not assignable by the Contraetor except <br />with written approval ~T the State. <br /> <br />E. The parties to this contract intend that the relationship <br />between them contemplated by this contract is that of <br />lender-borrower. not employer-employee. No agent. employee. or <br />servant of the Contractor shall be or shall be deemed to be an <br />employee, agent, or servant of the State. The Contractor will <br />be solely and entirely responsible for its acts and the acts of <br />its agents. employees. servants. engineering firms. <br />construction firms. and subcontractors during the performance <br />of this contract. <br /> <br />F. At all times during the performance of this contract. the <br />Contractor shall strictly adhere to all applicable federal and <br />state laws that have been or may hereafter be established. <br /> <br />G. This agreement is intended as the complete integration of <br />all understandings between the parties. No prior or <br />contemporaneous addition. deletion. or other amendment hereto <br />shall have any force or effect whatsoever unless embodied <br />herein in writino. No subsaoup.nt nnv~tinn r~n~~~l ~~n;~;~n <br />