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<br />any water rights or appropriations held in any manner by the Julesburg Irrigation District. Further, the <br />collateral pledged herein shall exclude that portion of land unceriying JulesJurg Dam Number 4, <br />which is pledged as collateral pursuant to Co(ltract No. C153604 between Julesburg Irrigation District <br />and the State of Colorado for the use and benefit of the Colorado Water Conservation Board, dated <br />January 10, 1992, referred to as "collateral." <br /> <br />14. Collateral during repayment. The BORROWER shall not sell, convey, assign, grant, transfer, <br />mortgage, pledge, encumber, or otherwise dispose of any collateral for this loan, including the <br />revenues pledged to repay the loan herein, ~o long as any of the principal ilnd any accrued interest <br />required by the promissory note provisions of the contract remain unpaid, without the prior written <br />concurrence of the STATE. In the event of any such sale, transfer or encumbrance without the <br />STATE'S written concurrence,the STATE may at any time thereafter declare all outstanding principal <br />and interest on this loan immediately due and payable. <br /> <br />13. Remedies fof default. Upon default in the payments herein set forth to be made by the BORROWER, <br />or default in the performance by the BORROWER of any covenant or agreement contained herein, the <br />STATE, at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due and <br />payable; <br /> <br />b. incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT <br />facilities herein described and such expenses as may be necessary to cure the cause of default, <br />and add tile amount of such expenditures to the principal of the loan amount; <br /> <br />c. exercise its rights under the deed of trust, security agreement, and promi:3sory note; <br /> <br />d. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced I?Y the STATE at its option without regard to prior waivers <br />of previous defaults by the BORROWER, throtJgh judicial proceedings to require specific performance <br />of this contract, or by such other proceedingS in law or equity as may be deemed necessary by the <br />STATE to ensure compliance with provisions of this contract and the laws and regulations under <br />which this contract is executed. The STATE'S exercise of any or all of the remedies described herein <br />shall not relieve the BORROWER of any of their duties and obligations under this contract. <br /> <br />16. In event of a conflict. In the event of conflict between the terms and conditions as set forth in the <br />any of the appendices, the proVisions of this contract shall control. <br /> <br />17. Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic <br />progress report which contains a statement of the PROJECT construction c::csts expended for that <br />period and shall forward said statement to the STATE. <br /> <br />18. Periodic inspections. The BORROWER shall permit the STATE to make periodic inspections of its <br />construction, operations and accounts by a designated representative of the STATE. Any such <br />inspections by the STATE are solely for the purpose of verifying compliance with the terms and <br />conditions of the contract and shall not be construed nor interpreted as an approval of the actual <br />design and/or construction of any element of the PROJECT. <br /> <br />19. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal, state, and <br />local laws and regulations that are in effect or may hereafter be established throughout the term of <br />this contract. <br /> <br />Julesburg Irrigation District <br /> <br />Page 7 of 12 <br /> <br />Loan Contract <br />