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facilities herein described and such expenses as may be necessary to cure the cause of default, and add the amount of such expenditures to the principai of the loan amount; c. exercise its rights under the Promissory Note, Security Agreement, Assignment Of Deposit Account As Security, Assignment Of Certificate Of Deposit, and Deed Of Trust, d. apply the funds contained in the CD ACCOUNT to the repayment of the loan; e. take any other appropriate 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 executed. The STATE'S exercise of any or all of the remedies described herein shall not relieve the BORROWER of any of its duties and obligations under this contract. 16. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic progress report which contains a statement of the PROJECT costs expended for that period and submit said statement to the STATE. 17. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a designated representative of the STATE to make periodic inspections of the PROJECT. Such inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract. Furthermore, such inspections shall cover the condition of the PROJECT, operating records, maintenance records, and financial records, and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT facilities. 18. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 19. No Discrimination Of Services. The services of said PROJECT shall be made available within its capacity and in accordance with all pertinent statutes, rules and regulations, and operational guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, religion, or national origin at reasonable charges (including assessments or fees), whether for one or more classes of service, in accordance with a schedule of such charges formally adopted by the BORROWER, as may be modified from time to time. B. The STATE agrees as follows: 1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER an amount not to exceed that specified in the Promissory Note Provisions of this contract. 2. Disbursements. After receipt of the periodic progress report from the BORROWER, and review and acceptance of the items therein as eligible expenses as described below, the STATE will pay to the BORROWER the amount set forth in the report or such portion that has been approved by the STATE. Such payment shall be made within thirty (30) days from the STATE'S approval of each progress report. 3. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal, all accrued interest, and late charges, if any, as specified in the promissory note, the STATE agrees to execute a release of deed of trust to convey to the BORROWER all of the STATE'S right, title, and Highland Ditch Company Page 7 of 12 Loan Contract