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<br />. <br /> <br />. <br /> <br />shall be reduced in the amount of any payment made to the State <br /> <br />under this insurance coverage. If only a portion of the <br /> <br />outstanding loan amount i~ paid to the State under this pOlicy, <br /> <br />the number of installment payments shall remain unchanged; <br /> <br /> <br />however, the amount of each payment shall be reduced. The <br /> <br />Contractor agrees that by acceptance of the loan money pursuant to <br />the terms of this contract and.by Contractor representation <br />herein, the Contractor shall be ~~~g~ asserting for any <br />reason that it is not autsoriZ~'~~~ ~~'~.qgaa'~ ~.: to repay the loan <br />!t'~" ea\..;\ ',l"',~ <br />money to the stat~;,req(ifl~? by\i,~,~,is'" tract. <br />''\;}., \5J) [lji)i>. P' <br /> <br /> <br />B. Upon default \~~e ~ments herein set forth to be made by <br /> <br /> <br />the Contractor, o~fault in the performance of any covenant or <br /> <br />agreement contained herein, the State, at its option, may (a) <br /> <br />declare the entire principal amount then outstanding immediately <br /> <br />due and payable1 (b) from the account of the Contractor, incur and <br /> <br />pay reasonable expenses for repair, maintenance, and operation of <br /> <br />the project herein described and such expenses as may be necessary <br /> <br />to cure the cause of default; (c) take possession of the project, <br /> <br />repair, maintain, and operate or lease it; (d) act upon the <br /> <br />security (described in paragraph A.8. above) deeded to the State; <br /> <br />and/or (e) take any other appropriate legal action, All remedies <br /> <br />described herein may be simUltaneously or selectively and <br /> <br />successively enforced. The provisions of this contract may be <br /> <br />enforced by the State at its option without regard to prior <br /> <br />waivers by it of previous defaults by the Contractor, through <br /> <br />judicial proceedings to require specific performance of this <br /> <br /> <br />contract or by such other proceedings in law or equity as may be <br /> <br />deemed necessary by the State to insure compliance with provisions <br /> <br />of this contract and the laws and regulations under which this <br /> <br />contract is entered into. <br /> <br />c. The State agrees that it shall loan to the Contractor for the <br /> <br />purpose of this contract Seven Hundred Sixty Two Thousand Seven <br /> <br />Page 7 of 11 pages <br />