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<br />portion thereof. so long as any of the annual installments <br />required by paragraph A.ll. above remain unpaid. without the <br />prior written concurr~nce of the State. <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) for 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.5. 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 />C. The State agrees that it shall: <br /> <br />1. Loan to the Contractor for the purpose of this contract <br />an amount not to exceed Three Hundred Fifty Thousand Dollars <br />($350,000), Said Three Hundred Fifty Thousand Dollars <br />($350.000) shall be made available to the Contractor in <br />accordance with the following terms and conditions: <br /> <br />a. Beginning with the monthly periOd commencing June <br />1. 1988. and for every month thereafter until said <br />project has been completed. the Contractor shall <br />prepare. with the assistance of the engineering firm <br />referred to in paragraph A.I. above. an estimate of the <br />funds required from the State for project construction <br />during that month and shall forward said estimate to <br />the State not less than fifteen (15) days prior to the <br />beginning of such month. <br /> <br />b. Upon receipt and approval by the State of such <br />monthly estimate. the State will. within forty (40) <br />days from the receipt of such estimate. pay over to the <br />Contractor the amount of the monthly estimate or such <br />portion thereof as has been approved by the State. <br /> <br />c. No payments will be made under this contract until <br />the project plans and specifications referred to in <br />paragraph A.I. ~bove are approved by the State. <br /> <br />2. Provide the Contractor with such technical assistance <br />as the State deems appropriate in planning. constructing. and <br />operating the project and in coordinating the project with <br />local official comprehensive plans for sewer and water and with <br />any State or area plans for the area in which the project is <br />located. <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 Contractor shall be or shall be deemed to be an <br />employee. agent. or servant of the State. The Contractor will <br /> <br />Page 5 of 8 Pages <br />