C153666 Contract - Laserfiche WebLink

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"'j LOAN CONTRACT Slmnit Reservoir and Irrigation Co. Emergency Loan The SW 1/4 of the NE 1/4 and the S 1/2 of the NW 1/4 of Section 34; and the NE 1/4 of the SW 1/4 of Section 34, all in T 37 N, R 14 W of the New Mexico Principal Meridian, with all appurtenances. 7b. Upon default in the payments herein set forth to be made by the Borrower, or default in the performance of any covenant or agreement contained herein, the State, at its option, may: (a) declare the entire principal amount then outstanding immediately due and payable; (b) for the account of the Borrower, incur and pay reasonable expenses for repair, maintenance, and operation of the project herein described and such expenses as may be necessary to cure the cause of default; (c) take possession of the project, repair, maintain, and operate or lease it; (d) act upon the security (described in Exhibit D); (e) take action to enforce paragraphs A.6 and A.8. ; and/or (f) take any other appropriate legal 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 by it 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 entered into. 7c. The Borrower warrants that in the event of a default by the Borrower in the repayment to the State, and upon written notice thereof from the State, the Borrower shall, pursuant to its By-laws, immediately take all necessary actions to levy an additional assessment and to pledge additional revenues in a sufficient amount and in a timely manner to cure the default and to repay the State as required by the contract. Such additional revenues shall be deemed covered by the existing security interest. 7d. Upon completion of repayment to the State of the entire principal and any accrued interest, as specified in the Promissory Note of this contract, the State agrees to execute a release of deed of trust to convey to the Borrower all of the State's right, title, and interest in and to the project and any other property described in Exhibit D. 7e. In the event of conflict between the terms and conditions as set forth in this paragraph 7 (DEED OF TRUST PROVISIONS), and Exhibit D (The actual Deed of Trust) , provisions of this contract shall control. ------------------------------------------------------------------------------------------------------------------ 8. (Levy assessments for repayment of the loan): Pursuant to its Articles of Incorporation and to its By-laws, take all necessary actions consistent therewith to levy assessments to raise sufficient funds to pay this contract loan debt in a timely manner and as required by the terms and conditions herein to assure repayment of the project loan to the State. In the event that the assessment(s) levied by the Borrower, or the Page 2 of 12 Pages