PROJC00207

• Contract/PO #: C153527
• Contractor Name: Overland Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: SB 88-30
• Loan Projects - Doc Type: Contract Documents

shall be reduced. The Contractor agrees that by acceptance of
the loan money pursuant to the terms of this contract and by
Contractor representation herein. the Contractor shall be
estopped from asserting for any reason that it is not
authorized or obligated to repay the loan money to the State as
required by this contract.

B. Upon default in the payments herein set forth to be made by
the Contractor. or default in the performance of any covenant
or agreement contained herein. the State. at its option, may
(a) declare the entire principal amount then outstanding
immediately due and payable; (b) from the account 'of the
Contractor. incur and pay reasonable expenses for repair.
maintenance. and operation of the project herein described and
such expenses as may be necessary to cure the cause of default;
(c) take possession of the project. repair. maintain. and
operate or lease it: (d) act upon the security (described in
paragraph A.8. above) deeded to the State; (e) require
Contractor to levy against shares in the company and force the
sale of those shares to cure the default; and/or (f) take any
other appropriate legal action. All remedies described herein
may be simUltaneously or selectively and successively
enforced. The provisions of this contract may be enforced by
the State at its option without regard to prior waivers by it
of previous defaults by the Contractor, through jUdicial
proceedings to require specific performance of this contract or
by such other proceedings in law or equity as may be deemed
necessary by the State to insure compliance with provisions of
this contract and the laws and regUlations under which this
contract is entered into.

C. The State agrees that it shall loan to the Contractor for
the purpose of this contract an amount not to exceed Five
Hundred Forty-One Thousand Nine Hundred Forty-six Dollars and
Eighty-Five Cents ($541.946.85). Said Five Hundred Forty-One
Thousand Nine Hundred FortY-Six Dollars and Eighty-Five Cents
($541,946.85) shall be made available to the Contractor on or
before September 16. 1988.

D. This contract is not assignable by the Contractor except
with written approval of the State.

E. The parties to this contract intend that the relationship
between them contemplated by this contract is that of
lender-borrower. not employer-employee. No agent. employee. or
servant of the Contractor shall be or shall be deemed to be an
employee, agent. or servant of the State." The Contractor will
be solely and entirely responsible for its acts and the acts of
its agents. employees. servants. engineering firms,
construction firms. and subcontractors during the performance
of this contract.

F. At all times during the performance of this contract. the
Contractor shall strictly adhere to all applicable federal and
state laws that have been or may hereafter be established.

G. This agreement is intended as the complete integration of
all understandings between the parties. No prior or
contemporaneous addition, deletion. or other amendment hereto
shall have any force or effect whatsoever unless embodied
herein in writing. No subsequent novation. renewal. addition.
deletion. or other amendment hereto shall have any force or
effect unless embodied in a written contract executed and
approved pursuant to the State fiscal rules.

H. In its sole discretion. the State may at any time give any
consent. deferment. subordination. release, satisfaction. or
termination of any or all of the Contractor's Obligations under
this agreement. with or without valuable consideration. upon
such terms and conditions as the State may determine to be (a)

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