C153773 Cotract - Laserfiche WebLink

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lender(s) of any indebtedness having a lien on the pledged revenues. If the BORROWER has adjusted its rates within said 12 month period, the analysis shail be conducted based on the adjusted revenue rate. The BORROWER acknowledges and understands that any request for approval of the issuance of parity debt must be reviewed and approved by the CWCB at a regularly scheduled Board meeting prior to the issuance of any parity debt. 13. Collateral. Part of the security provided for this loan, evidenced by the executed Deed of Trust attached hereto as Appendix 5 and incorporated herein, shall be an undivided one hundred percent (100%) interest in the BORROWER'S raw water intake, grit removal chamber, approximately 850 linear feet of raw water pipeline, and intake connection, as more particularly described in the attached Deed of Trust. 14. Collateral during repayment. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of any collateral for this loan, including the revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by the promissory note provisions of the contract remain unpaid, without the prior written concurrence of the STATE. 15. Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or default in the performance by the BORROWER of any covenant or agreement contained herein, the STATE, at its option, may: a. declare the entire principal amount and accrued interest then outstanding immediately due and payable; b. incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT facilities herein described and such expenses as may be necessary to cure the cause of default, and add the amount of such expenditures to the principal of the loan amount; c. act upon its security interests and the promissory note; d. take any other appropriate 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 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 executed. The STATE'S exercise of any or all of the remedies described herein shall not relieve the BORROWER of any of their duties and obligations under this contract. 16. In event of a conflict. In the event of conflict between the terms and conditions as set forth in the any of the appendices, the provisions of this contract shall control. 17, Progress reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a periodic progress report which contains a statement of the PROJECT construction costs expended for Town of Morrison Page 7 of 13