PROJC00211 - Laserfiche WebLink

Home Browse Search

14. Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or default in the performance of any covenant or agreement contained herein, the STATE, at its option, may: a. declare the entire principal amount and accrued interest then outstanding immediately due and payable; b. incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT facilities herein described and such expenses as may be necessary to cure the cause of default, and add the amount of such expenditures to the principal of the loan amount; c. apply the funds contained in the CD ACCOUNT to repayment of the loan; d. act upon the promissory note and security interest; e. take any other appropriate 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 of previous defaults by the DISTRICT and/or the BORROWER, through judicial proceedings to require specific performance of this contract, or by such other proceedi,'gs in law or equity as may be deemed necessary by the STATE to ensure compliance with provisions of this contract and the laws and regulations under which this contract is executed. The STATE'S exercise of any or all of the remedies described herein shall not relieve the DISTRICT or the BORROWER of any of its duties and obligations under this contract. 15. In event of a conflict. In the event of conflict t;>etween the terms of this contract and conditions as set forth in any of the appendices, the provisions of this contract shall control. 16. Progress reports. The BORROWER shall, with We assistance of the CONSULTANT, prepare a periodic progress report which contains a statement of the PROJECT construction costs expended for ~hat period and shall forward said report to the STATE. 17. Periodic inspections. Throughout the term of this contract. the BORROWER shall permit a designated representative of the STATE to make periodic inspections of the PROJECT. Such inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract. Furthermore, such inspections shall cover the condition of the PROJECT, operating records, maintenance records, and financial records, and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT facilities. 18. No dissolution of water enterprise. The DISTRICT and the BORROWER agree not to terminate or dissolve the BORROWER, nor adversely withdraw or deplete its as~ets, nor otherwise adversely affect the BORROWER'S ability to perform during the term of this contract. 19. Adhere to applicable laws. The DISTRICT and the BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 20. No discrimination of services. The services of said PROJECT shall be made available within its capacity and in accordance with all pertinent statutes, rules and legulations, and operational guidelines to all persons in the DISTRICT'S Mutual M~sa service area without discrimination as to race, color, religion, or national origin at reasonable charges (including assessments or fees), whether for one or more cla~ses of service, in accordance with a schedule of such charges formally adopted by the DISTRICT, as may be modified from time to time. Orchard Mesa Irrigation District & Mutual Mesa lateral Enterprise Page 7 of 12 loan Contract