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<br />11. Remedies For Default. Upon default in the payments herein set forth to be made by the <br />BORROWER, or default in the performance of any covenant or agreement contained herein, the <br />STATE, at its option, may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due <br />and payable; <br /> <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. act upon the promissory note, security agreement, and/or Assignment of Deposit Account as <br />Security, <br /> <br />d, apply the funds contained in the CD ACCOUNT to the repayment of the loan pursuant to the <br />Assignment of Certificate of Deposit; <br /> <br />e. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively enforced. <br />The provisions of this contract may be enforced by the STATE at its option without regard to prior <br />waivers of previous defaults by the BORROWER, through judicial proceedings to require specific <br />performance of this contract, or by such other proceedings in law or equity as may be deemed <br />necessary by the STATE to ensure compliance with provisions of this contract and the laws and <br />regulations under which this contract is executed. The STATE'S exercise of any or all of the <br />remedies described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this contract. <br /> <br />12. 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, operating <br />records, maintenance records, and financial records, and shall not be construed nor interpreted <br />as an approval of the actual design and/or construction of any element of the PROJECT facilities. <br /> <br />13. 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 throughout <br />the term of this contract. <br /> <br />14. 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, color, <br />religion, or national origin at reasonable charges (including assessments or fees), whether for <br />one or more classes of service, in accordance with a schedule of such charges formally adopted <br />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 Promissdry Note Provisions of this contract. <br /> <br />River Oaks On The Roaring Fork <br />Property Owners Association, Inc, <br /> <br />Page 5 of 11 <br /> <br />Loan Contract <br />