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<br />procedures. requirements, rules. or regulations which the State <br />has. <br /> <br />\ <br />) <br />, <br /> <br />lB. Not sell. convey. assign. grant. transfer. mortgage. <br />pledge. encumber, or otherwise dispose of the project or any <br />portion thereof. so long as any of the annual installments <br />requirea by paragraph B.13. above remain unpaia. without the <br />prior written concurrence of the State. <br /> <br />C. Upon aefault in the payments herein set forth to be maqe by <br />the Contractor. ~r default in the performance of any covenant <br />or agreement containec:1 herein. the State, at its option, may: <br />(a) declare the ~ntire 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 ana <br />such expenses as may be necessary to cure the cause of default; <br />(c) taKe possession of the project. repair. maint.ain, and <br />operate or lease it; (a) act upon the security (described in <br />paragraph B.l4.. above) conveyed to the State; (e) take action <br />to enforce paragtaphs B.ll. and 13. above: and/or (f) taKe any <br />other appropriat~ legal action. All remedies described herein <br />may be simUltaneously or selectively and successively <br />enforced. The ptovisions 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 r~guire specific performance of this contract. <br />or by such other proceedings in law or equity as may be deemea <br />necessary by the State to ensure compliance with provisions of <br />this contract and the laws and regulations under which this <br />contract is enteted into. <br /> <br />D. The State agr~es that it shall: <br /> <br />1. Loan to the Contractor for the construction of the <br />project an amount not to exceed Three Hundred Ten Thousand One <br />Hundred Fifteen Dollars ($310.11S). Said Three Hundred Ten <br />Thousana One Hun4rea Fifteen Dollars ($310.115) shall be made <br />available to the Contractor in accordance with the following <br />terms and condittons: <br /> <br />a. Commencing ten (10) days from the date of this <br />contract ana for every month thereafte: until said <br />project has been completed. the Contractor shall <br />prepare. with the assistance of the Consultant <br />referred to in paragraph B.l. above. an estimate of <br />the funas required for project construction during <br />that month and shall forward said estimate to the <br />State n~t 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 <br />the Contractor the amount of the monthly estimate or <br />such pottion thereof as has been approved by the State. <br /> <br />c. Project construction costs eligible for payment by <br />the State shall be limited to the cost of: <br /> <br />(1) Preparin~ final designs and specifications <br />for the project. <br /> <br />(2) Preparing bid and construction contract <br />documents. <br /> <br />(3) Preparing environmental assessment or <br />environmental impact statements, and otherwise <br />complying with the federal National Environmental <br />POlicy IIct. <br /> <br />~age ~ of 11 pages <br />