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<br />....-........~ <br /> <br />-~-, <br />'- <br /> <br />-'- <br /> <br />-- <br /> <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) 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 />---- <br /> <br />1. Loan to the Contractor for the purpose of this contract <br />an amount not to exceed Eight Hundred Thirty-Five Thousand <br />Eight Hundred Sixty Dollars ($835,860). Said Eight Hundred <br />Thirty-Five Thousand Eight Hundred Sixty Dollars ($835,860) <br />shall be made available to the Contractor in accordance with <br />the following terms and conditions: <br /> <br />a. Beginning with the monthly period commencing with <br />the date of this contract and for every month <br />thereafter until said project has been completed, the <br />Contractor shall prepare. with the assistance of the <br />engineering firm referred to in paragraph A.l. above, <br />an estimate of the funds required from the State for <br />project engineering and/or construction during that <br />month and shall forward said estimate to the State not <br />less than fifteen (15) days prior to the beginning of <br />such month. <br /> <br />'-, <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 for <br />project construction until the project plans and <br />specifications referred to in paragraph A.I. above are <br />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 />be solely and entirely responsible for its acts and the acts of <br />its agents. employees. servants. engineering firms. <br /> <br />Page ~ of ~ Pages <br />