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<br />. <br /> <br />. <br /> <br />--..,;.# <br /> <br />- ~~~_: ~.' <br />,,-"~' "". .- <br /> <br />payable to the state shall be reduced in the amount of any <br />payments made to the State under this insurance coverage. If <br />only a portion of the outstanding loan amount is paid to the <br />State under this pOlicy. the number of installment payments <br />shall remain unchanged: however. the amount of each payment <br />shall be reduced. The Contractor aqrees that by acceptance of <br />the loan money pursuant to the terms of this contract and by <br />contractor representation herein. the Contractor shall be <br />estopped from asserting for any reBson that it is not <br />authorized or obligated to repay the loan money to the state as <br />. required by this contract. <br /> <br />B. Upon default in the payments herein set forth to be made by <br />the Contractor. or default in the performance of any covenant <br />or agreement contained herein, the State. at its option. may <br />(a) declare the entire principal amount then outstanding <br />immediately due and payable: (b) from the account of the <br />Contractor. incur and pay reasonable expenses for repair. <br />maintenance. and operation of the project herein described and <br />such expenses as may be necessary to cure the cause of default; <br />(c) take possession of the project. repair. maintain. and <br />operate or lease it: (d) act upon the security (described in <br />paragraph A,8, above) deeded to the State: and/or (e) take any <br />other appropriate legal action. All remedies described herein <br />may be simultaneously or selectively and successively <br />enforced. The provisions of this contract may be enforced by <br />the State at its option without regard to prior waivers by it <br />of previous defaults by the Contractor, through jUdicial <br />proceedings to require specific performance of~ontract or <br />by such other proceedings in law or equi ty j\~iY _'~~{deemed <br />necessary by the State to insure complia~;, wl'fh,:.. proyfflions of <br />this contract ana the laws and regulation~;;~nder ~which: this <br />contract is ente.ced into. ./" ", '.',' ,I; <br /> <br />C. The State ~grees tha~. _ 11 I~~~..to "thEL~6n'~~"~ctor for <br />the purpose of this contra a ":;,"~mount not..to' exceed One <br />Hundred Sixty-Four Thousan ~,hr~e Hundred TwentY-One Dollars <br />and TwentY-Five Cents ($164;;321.25)';" Said One Hundred <br />Sixty-Four Thousand Three Hu'lidt,ed TwentY-One Dollars and <br />Twenty-Five Cents ($164,321.i5)' shall be made available to the <br />Contractor on or before August 17, 1988 <br /> <br />D. This contract is not assignable by the Contractor except <br />with written approval of the State. <br /> <br />E. The parties to this contract intend that the relationShip <br />between them contemplated by this contract is ,that of <br />lender-borrower, not employer-employee. No agent, employee, or <br />servant of the Contractor shall be or shall be deemed to be an <br />employee. agent, or servant of the State. The Contractor will <br />be solely and entirely responsible for its 8ctS and the acts of <br />its agents. employees. servants. engineering firms, <br />construction firms. and subcontractors during the performance <br />of this contract. . <br /> <br />F. At all times during the performance of this contract. the <br />Coptractor shall strictly adhere to all applicable federal and <br />state laws that have been or may hereafter be established. <br /> <br />G. This agreement is intended as the completr integration of <br />all understandings between the parties. No prior or <br />contemporaneous addition. deletion. or other amendment hereto <br />sqall have any force or effect whatsoever unless embodied <br />herein in writing. No subsequent novation. renewal. addition, <br />deletion, or other amendment hereto shall have any force or <br />effect unless embodied in a written contract executed and <br />approved pursuant to the state fiscal rules. <br /> <br />Page ! of I pages <br />