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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,lO. above. The State shall be named coinsured I <br />with the Contractor on this policy. The outstandinq loan <br />amount payable to the State shall be reduced in the amount of <br />any payments made to the State under this insurance coverage. <br />If only a portion of the outstanding loan amount is paid to the <br />State under this pOlicy. the number of installment payments <br />shall remain unchanged; however. the amount of each payment <br />shall be reduced. The Contractor agrees that by acceptance of <br />the loan money pursuant to the terms of this contract and by <br />Contractor representation herein. the Contractor shall be <br />estopped from asserting for any reason that it is not <br />authorized or obligated to. repay the loan money to the State as <br />required by this contract. <br /> <br />" <br />, <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) from the account 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) take possession of the project, repair, maintain, and <br />operate or lease it; (d) act upon the security (described in <br />paragraph A.8. above) deeded to the State; and/or (e) take any <br />other appropriate legal action, All remedies described herein <br />may be simultaneously or selectively and successively <br />enforced. The provisions of this contract may be enforced by <br />the State at its option without regard to prior waivers by it <br />of previous defaults by the Contractor. through jUdicial <br />proceedings to require specific performance of this contract or <br />by such other proceedings in law or equity as may be deemed <br />necessary by the State to insure compliance with provisions of <br />this contract and the laws and regulations under which this <br />contract is entered into. <br /> <br />i <br />! <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 Two <br />Million Sixty Thousand Eight Hundred Four Dollars and <br />Eighty-Eight Cents ($2,060,804.88). Said Two Million Sixty <br />Thousand Eight Hundred Four Dollars and Eighty-Eight Cents <br />($2,060,804,88) shall be made available to the Contractor on or <br />before August 17. 1988 <br /> <br />D. This contract is not assignable by the Contractor except <br />with written approval of 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 Contr~ctor 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 writing, No subsequent novation. renewal. addition. <br /> <br />Page 4 of 7 pages <br />