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<br />C. 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) for the account of <br />the 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 defau,lt; <br />(c) take possession of the project. repair. maintain. and <br />operate or lease it; (d) act upon the security (described inl <br />paragraph B.9. above) conveyed to the State; (e) take action to <br />enforce paragraphs B.6. and 8. above: andlor (f) take any other <br />appropriate legal action. All remedies described herein may be <br />simUltaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the State at its <br />option without regard to prior waivers by it of previous <br />defaults by the Contractor. through jUdicial proceedings to <br />require specitic performance of this contract. or by such other <br />proceedings in law or equity as may be deemed necessary by the <br />State to ensure compliance with provisions of this contract and <br />the laws and regulations under which this contract is entered <br />into. <br /> <br />D, The State agrees that it shall: <br /> <br />1. Loan to the Contractor for a loan consolidation action <br />on this project an amount not to exceed Two Hundred Thousand <br />Dollars ($200.000). Said Two Hundred Thousand Dollars <br />($200.000) shall be made available to the Contractor in <br />accordance with the following terms and conditions: <br /> <br />a. Lump sum payment to Contractor upon request after <br />execution of this contract. <br /> <br />E. This contract is not assignable by the Contractor except <br />with the prior written approval of the State. <br /> <br />F. 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. <br />an employee. agent. or servant of the State. The Contractor <br />will be solely and entirely responsible for its acts and the <br />acts of its agents. employees. servants. engineering firms. <br />construction firms. and subcontractors during the performance <br />of this contract. <br /> <br />G. At all times during the performance of this contract. the <br />Contractor shall strictly adhere to all applicable federal and <br />Stat~ laws and regUlations that have been or may hereafter be <br />established. <br /> <br />H. 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 unles6 embodied <br />herein in writing. No subsequent notation. renewal. addition. <br />deletion. or other amendment hereto shall have any force or <br />effect unless embodied in a written contract executed and <br />approved pursuant to State fiscal rules. <br /> <br />I. In its sole discretion. the State may at any time and in <br />writing give any consent. deferment. subordination. release, <br />satisfaction. or termination of any or all of the Contractor IS <br />Obligations under this agreement. with or without valuable <br />consideration. upon such terms and conditions as the State may <br />determine to be: (a) advisable to further the purposes of this <br />contract or to protect the State's financial interest therein. <br />and (b) consistent with both the statutory purposes of this <br /> <br />Page ~ of i Pages <br />