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PROJC00480
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PROJC00480
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Last modified
3/7/2013 2:10:51 PM
Creation date
10/6/2006 12:09:06 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150043
Contractor Name
Jackson Lake Reservoir & Irrigation Company
Contract Type
Loan
Water District
1
County
Morgan
Bill Number
HB 00-1419
Loan Projects - Doc Type
Contract Documents
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<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 <br />default, and add the amount of such expenditures to the principal of the loan amount; <br /> <br />c. exercise its rights under the Promissory Note, Security Agreement, Assignment Of Deposit <br />Account As Security; Assignment Of Certificate Of Deposit, and Deed Of Trust, <br /> <br />d. apply the funds contained in the CD ACCOUNT to the repayment of the loan; <br /> <br />e. 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 contract <br />and the laws and regulations under which this contract is executed. The STATE'S exercise of <br />any or all of the remedies described herein Shall not relieve the BORROWER of any of its duties <br />and obligations under this contract. <br /> <br />16. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare <br />a periodic progress report which contains a statement of the PROJECT costs expended for that <br />period and submit said statement to the STATE, <br /> <br />17. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a <br />designated representative of the STATE to make periodic inspections of the PROJECT, Such <br />inspections are solely for the purpose of verifying compliance with the terms and conditions of <br />this contract. Furthermore, such inspections shall cover the condition of the PROJECT, <br />operating records, maintenance records, and financial records, and shall not be construed nor <br />interpreted as an approval of the actual design and/or construction of any element of the <br />PROJECT facilities, <br /> <br />18. 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 />19. No Discrimination Of Services. The services of said PROJECT shall be made available within <br />its capacity and in accordance with all pertinent statutes, rules and regulations, and operational <br />guidelines to all persons in the BORROWER'S service area without discrimination as to race, <br />color, religion, or national origin at reasonable charges (including assessments or fees), <br />whether for one or more classes of service, in accordance with a schedule of such charges <br />formally adopted by the BORROWER, as may be modified from time to time, <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER an amount not to <br />exceed that specified in the PromiSSOry Note Provisions of this contract. <br /> <br />2. Disbursements. After reCeipt of the periodic progress report from the BORROWER, and review <br />and acceptance of the items therein as eligible expenses as described below, the STATE will <br />pay to the BORROWER the amount set forth in the report or such portion that has been <br />approved by the STATE, Such payment shall be made within thirty (30) days from the STATE'S <br />approval of each progress report. <br /> <br />3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal, <br />all accrued interest, and late charges, if any, as specified in the promissory note, the STATE <br />agrees to execute a release of deed of trust to convey to the BORROWER all of the STATE'S <br /> <br />Jackson Lake Reservoir and Irrigation Co. Page 7 of 13 <br /> <br />Loan Contract <br />
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