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<br />principal and any accrued interest required by the Promissory Note Provisions of the contract remain <br />unpaid, without the prior written concurrence of the STATE. <br /> <br />13. 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 STATE, <br />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. act upon the UCC DOCUMENTS, Conditional Assignment of Contract Proceeds, and <br />promissory note; <br /> <br />d. 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 BORROWER, through judicial proceedings to require specific <br />performance of this contract. or by such other proceedings in law or equity as may be deemed <br />necessary by the STATE to ensure compliance with provisions of this contract and the laws and <br />regulations under which this contract is executed. The STATE'S exercise of any or all of the remedies <br />described herein shall not relieve the BORROWER of any of its duties and obligations under this <br />contract, <br /> <br />14. In event of a conflict. In the event of conflict between the terms of this contract and <br />conditions as set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />15. Progress reports. The BORROWER shall, with the assistance of the CONSULTANT. prepare a <br />periodic progress report which contains a statement of the PROJECT construction costs expended for <br />that period and shall forward said statement to the STATE. <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 inspections <br />are solely for the purpose of verifying compliance with the terms and conditions of this contract. <br />Furthermore, such inspections shall cover the condition of the PROJECT, operating records, <br />maintenance records, and financial records, and shall not be construed nor interpreted as an approval <br />of the actual design and/or construction of any element of the PROJECT facilities, <br /> <br />17. Adhere to applicable laws. The BORROWER shall strictly adhere to all applicable federal. state. <br />and local laws and regulations that are in effect or may hereafter be established throughout the term <br />of this contract. <br /> <br />18, No discrimination of services. The services of said PROJECT shall be made available within <br />its capacity and in accordance with all pertinent statutes. rules and regulations, and operational <br />guidelines to all persons in the BORROWER'S service area without discrimination as to race. color, <br />religion, or national origin at reasonable charges (inCluding assessments or fees). whether for one or <br />more classes of service, in accordance with a schedule of such charges formally adopted by the <br />BORROWER, as may be modified from time to time. <br /> <br />South Platte Ditch Company <br /> <br />Page 7 of 1 1 <br /> <br />Loan Contract <br />