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<br />shares for which the use has been changed to the CWCB's municipal or commercial rate in <br />effect at the time of the change of use of the water rights, The parties shall execute a contract <br />amendment to effect said change in interest rate. <br /> <br />14. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, transfer, <br />mortgage, pledge, encumber, or otherwise dispose of the property provided as security for this <br />loan, so long as any of the principal, all accrued interest, and late charges, if any, on this loan <br />remain unpaid, without the prior written concurrence of the STATE. In the event of any such <br />sale, transfer or encumbrance without the STATE'S written concurrence, the STATE may at any <br />time thereafter declare all outstanding principal and interest on this loan immediately due and <br />payable. <br /> <br />15. 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 />STATE, 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. take possession of the PROJECT facilities, repair, maintain, and operate or lease them; <br /> <br />d. exercise its rights under the Promissory Note, Security Agreement, Assignment Of Deposit <br />Account As Security, Assignment Of Certificate Of Deposit, and Deed Of Trust, <br /> <br />e, apply the funds conlained in the CD ACCOUNT to the repayment of the loan; <br /> <br />j, 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 <br />remedies described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this contract. <br /> <br />16. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a <br />pe:icdic progress report which contains a slarement OJ the PROJECT costs expended for that <br />period and submit said statement to the STATE, <br /> <br />17. 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 this <br />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 as <br />an approval of the actual design and/or construction of any element of the PROJECT facilities, <br /> <br />18. 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 <br />term of this contract. <br /> <br />Woodchuck Ditch Company <br /> <br />Page 7 of 13 <br /> <br />,Loan Contract <br />