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<br />~, <br /> <br />a, declare the entire principal amount and accrued interest then outstanding immediately <br />due and payaole; <br /> <br />b, exercise its rights under the deed of trust, security agreement, stock assignments and/or <br />promissory note; <br /> <br />c. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively <br />enforced, The provisions of this contract may be enforced by the STATE at its option without <br />regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to <br />require specific performance of this contract, or by such other proceedings in law or equity as <br />may be deemed necessary by the STATe to ensure compliance with provisions of this <br />contract and the laws and regulations under which this contract is executed, as permitted by <br />law, The STATE'S exercise of any or all of the remedies described herein shall not relieve the <br />BORROWER of any of its duties and obligations under this contract. <br /> <br />12. In event of a conflict. In the event of conflict between the terms and conditions as set forth <br />in the any of the appendices, the proviSions of this contract shall control. <br /> <br />13. Periodic inspections. The BORROWER sMII permit the STATE to make periodic inspections <br />of its 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 <br />and conditions of the contract and shall no! be construed nor interpreted as an approval of <br />any element of the PROJECT, <br /> <br />14, Adhere to applicable laws, The BORROWER shall strictly adhere to all applicable federal, <br />state, and local laws and regulations that are in effect or may hereafter be established <br />throughout the term of this contract. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER up to $500,000 at <br />an interest rate of 4,75% per annum for a term of 20 years to finance PROJECT costs, <br /> <br />2, Disbursements, The BORROWER shall request, in writing, the amount of loan funds needed <br />for each disbursement and identify the purpose for the disbursement. Upon the STATE'S <br />review and approval of the request, the STATE shall disburse the approved amount to the <br />BORROWER within twenty days of its receipt Of the written request. <br /> <br />3, Release after loan is repaid, Upon completion of repayment to the STATE of the entire <br />principal, all accrued interest, and late charges, if any, as specified in the promissory note, <br />the STATE agrees to execute a release of security agreement to terminate all of the STATE'S <br />rights in and to the pledged revenues, and to execute a release of security agreement and a <br />request for release of deed of trust to release all of the STATE'S right, title and interest in and <br />to the COLLATERAL. <br /> <br />C, The STATE and the BORROWER mutually agree as follows: <br /> <br />1, Designated agent of the STATE, The CWeB, which includes its agents and employees, is <br />hereby designated as the agent of the STATE for the purpose of this contract. <br /> <br />2, Contract is not assignable, This contract is not assignable by the BORROWER except with <br />the prior written approval of the STATE, <br /> <br />Chatfield South Water District <br /> <br />Page60f11 <br />