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/.......~:, "; (v) 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 of previous defaults by the BORROWER, 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 ensure compliance with provisions of this contract and the laws and regulations under which this contract is entered into. b. No sale or conveyance of any collateral until the loan is repaid, The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, orotherwise dispose of the PROJECT or any portion thereof or the assessment revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by the promissory note provisions of the contract remain unpaid without the prior written concurrence of the STATE, c. This contract controls if there is a conflict. In the event of conflict between the terms of this contract and conditions as set forth in any of the appendices, provisions of this contract shall control. 1 D. Pledge of revenues. The BORROWER agrees that the specific revenues to be pledged to repay the STATE shall include, but not be limited to, an assessment levied for that purpose as authorized by resolution of the BORROWER. a. Revenues for this loan are to be kept separate. The BORROWER hereby pledges such revenues to repay the STATE loan, agrees that these revenues will be set aside and kept separate from other BORROWER revenues, warrants that these revenues will not be used for any other purpose, and agrees to provide the STATE a perfected security interest such that the STATE has priority over all other competing claims for such secured revenues. b. Establish security interest in the revenues. The BORROWER agrees that, in order to provide a security interest for the STATE irrevocably pledging such revenues on the date of execution of this contract, it will provide a Uniform Commercial Code Security Agreement and a Uniform Commercial Code Financing Statement, both documents completed and properly executed, incorporated herein as Appendices C and D, respectively. No monies shall be advanced prior to BORROWER providing these forms. c, Renewal of UCC agreements in fourth year. The BORROWER will, within thirty (3D) days prior to the end of the fourth year that this contract is in effect and every five (5) years thereafter, deliver to the STATE a fully and properly executed Continuation Statement {Form UGC-31 of the security interest (UGC Security Agreement and Financing Statement) required by this contract. d, Levy charges and fees for repayment of the loan. The BORROWER shall, pursuant to its these statutes, its articles of incorporation and by-laws, and as authorized by its resolution, take all necessary actions consistent therewith to levy assessments sufficient enough to pay this contract loan debt in a timely manner and as required by the terms and conditions herein, In the event the assessments levied by the BORROWER become insufficient to assure repayment to the STATE as required by the terms and conditions herein, then the BORROWER, upon written notice thereof from the STATE, shall immediately take all necessary action consistent with the statutes, its articles of incorporation, by-laws, and resolutions, including but not be limited to ELMWOOD LATERAL DITCH COMPANY Pag.50111 LOAN CONTRACT