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<br />;;.~ <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due <br />and payable; <br /> <br />b. exercise its rights under this contract, the Promissory Note, and/or the security agreement; <br /> <br />c. 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 DISTRICT and/or the BORROWER, through judicial proceedings <br />to require specific performance of this contract, or by such other proceedings in law or equity as <br />may be deemed necessary by the STATE to ensure compliance with provisions of this contract <br />and the laws and regulations under which this contract is executed. The STATE'S exercise of any <br />or all of the remedies described herein shall not relieve the DISTRICT and/or the BORROWER of any <br />of their duties and obligations under this contract. <br /> <br />15. In event of a conflict. In the event of conflict between the terms and conditions as set forth in <br />the any of the appendices, the provisions of this contract shall control. <br /> <br />16. 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 />17. Progress Reports. The BORROWER shall prepare a periodiC progress report which contains a <br />statement of the PROJECT costs expended for that period and shall forward said statement to the <br />STATE. <br /> <br />18. Adhere to applicable laws. The DISTRICT and the BORROWER shall strictly adhere to all <br />applicable federal, state, and local laws and regulations that are in effect or may hereafter be <br />established throughout the term of this contract. <br /> <br />19. No dissolution of water enterprise. The DISTRICT and the BORROWER agree not to terminate <br />or dissolve the BORROWER, nor adversely withdraw or deplete its assets, nor otherwise adversely <br />affect the BORROWER'S ability to perform during the term of this contract. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement to loan money. The STATE agrees to loan to the BORROWER up to $7,000,000 at <br />an interest rate of 4.75% per annum for a term of thirty (30) years to finance PROJECT costs. <br /> <br />2. Disbursements. After receipt of the periodic progress report from the BORROWER, and review <br />and acceptance of the items therein as eligible expenses as described below, the STATE will pay <br />to the BORROWER the amount set forth in the report or such portion that has been approved by <br />the STATE. Such payment shall be made within thirty (30) days from the STATE'S approval of <br />each progress report. <br /> <br />3. Release after loan is repaid. Upon completion of repayment to the STATE of the entire <br />principal, all accrued interest, and late charges, if any, as specified in the promissory note, the <br />STATE agrees to execute a release of security agreement to terminate all of the STATE'S rights in <br />and to the pledged revenues. <br /> <br />C. The STATE, the DISTRICT and the BORROWER mutually agree as follows: <br /> <br />Ute Water Activity Enterprise and <br />Ute Water Conservancy District <br /> <br />Page 8 of 13 <br />