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<br />. <br /> <br />. <br /> <br />shall execute a contract amendment to effect said change in interest rate. <br /> <br />15. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, <br />transfer, mortgage, pledge, encumber, or otherwise dispose of the property provided as <br />security for this loan, so long as any of the principal, all accrued interest, and late charges, if <br />any, on this loan remain unpaid, without the prior written concurrence of the CWCB. In the <br />event of any such sale, transfer or encumbrance without the CWCB's written concurrence, <br />the CWCB may at any time thereafter declare all outstanding principal and interest on this <br />loan immediately due and payable. <br /> <br />16. 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 />CWCB, 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. exercise its rights under the Promissory Note, Security Agreement, Assignment Of <br />Certificate Of Deposit, and Deed Of Trust, <br /> <br />d. apply the funds contained in the CD ACCOUNT to the repayment of the loan; <br /> <br />e. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively <br />enforced. The provisions of this contract may be enforced by the CWCB at its option without <br />regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to <br />require specific performance of this contract, or by such other proceedings in law or equity as <br />may be deemed necessary by the CWCB to ensure compliance with provisions of this <br />contract and the laws and regulations under which this contract is executed. The CWCB's <br />exercise of any or all of the remedies described herein shall not relieve the BORROWER of any <br />of its duties and obligations under this contract. <br /> <br />17, Progress Reports, The BORROWER shall, with the assistance of the CONSULTANT, prepare a <br />periodic progress report which contains a statement of the PROJECT costs expended for that <br />period and submit said statement to the CWCB. <br /> <br />18, Periodic Inspections, Throughout the term of this contract, the BORROWER shall permit a <br />designated representative of the CWCB 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, <br />operating records, maintenance records, and financial records, and shall not be construed nor <br />interpreted as an approval of the actual design and/or construction of any element of the <br />PROJECT facilities. <br /> <br />19, 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 <br />throughout the term of this contract. <br /> <br />20. No Discrimination Of Services. The services of said PROJECT shall be made available <br /> <br />Owl Creek Supply and Irrigation Company <br /> <br />Page 7 of 13 <br /> <br />Loan Contract <br />