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<br />c"-::,! . <br /> <br />cwO <br /> <br />. <br /> <br />portion ther.eof. so long as any of the annual installments <br />required by paragraph A.13. above remain unpaid, without the <br />prior written concurrence of the State. <br /> <br />B. Upon default in the payments herein set forth to be made by <br />the Contractor. or default in the performance of any covenant <br />or agreement contained herein. the State. at its option, may: <br />(a) declare the entire principal amount then outstanding <br />immediately due and payable; (b) for the account of <br />the Contractor, incur and pay reasonable expenses for repair. <br />maintenance. and operation of the project herein described and <br />such expenses as may be necessary to cure the .cause of default; <br />ee) take possession of the project, repair. maintain. and <br />operate or lease it; (d) act upon the security (described in <br />paragraph A.llt. above) conveyed to the State; (e) take action <br />to enforce paragraphs A.ll. and 13. above; (f) take action to <br />enforce paragraph N. below; and/or (g) take any other <br />appropriate legal action. All remedies described herein <br />simUltaneously or selectively and successively enforced. <br />provisions o( this contract may be enforced by the State <br />option without regard to prior waivers by it of previous <br />defaults by the Contractor, through jUdicial proce~dings to <br />require specific performance of this contTact. or. by.s'\Jch other <br />proceedings in law or,equitY,as may:~e.dee~ed ne~essa~~ by the <br />State to erU:;!Jre complIance WIth prOVISIons 'of thIS contract and <br />~he laws ond regulations under w,hic~ tit~s cb~q~rac.~~__!?f;.;fentered <br />Into. ,..'",,\ It.~fi.., <br />. ; - .~;,).\}-- #.:.,1_ ~ <br />C. The State agrees that it shall:,,b... ",'-" <br />#:f,.~'io--. <br />1. Loan to the Contractor for the construction of the <br />project an offiount not to exceed Seventy Thousand Dollars <br />($70.000), Said Seventy Thousand Dollars ($70.000) shall be <br />made available to the Contractor in accordance with the <br />following terms and conditions: <br /> <br />may be <br />The <br />at its <br /> <br />a. Commencing ten (10) days from the date of this <br />corltract and for every month thereafter until said <br />project has been completed. the Contractor shall <br />prepare. with the assistance of the Consultant <br />referred to in paragraph A.l. abov~ an estimate of <br />the funds required for project cJ'\'l~~l,\Ijt,ion during <br />tllat month and shall forward "ai(f'lI(!It;ii~~.. to the <br />StAte not less than fifteen (l5) days'fitlb{t.:>M the <br />beginning of such month, ' l1~v ~~y <br />//f 7 . ';./~ <br />UIO 8?/J ,,' <br />b, Upon receipt and approva'l'~he StH/G' of such <br />monthly estimate. the State will.,~thin forty (40) <br />days (rom the receipt of such estima'te.., pay over to <br />the Contractor the amount of the monthly'.estimate or <br />511Ch portion thereof a5 has been approved by' the State. <br /> <br />c. Project construction costs eligible for payment by <br />the State shall be limited to the cost of: <br /> <br />(1) Preparing final designs and specifications <br />for the project. <br /> <br />(2) Preparing bid and construction contract <br />documents. <br /> <br />(3) Preparing environmental assessment or <br />environmental impact statements. and otherwise <br />complying with the federal National Environmental <br />Policy Act. <br /> <br />(4) Complying with all federal. State, and local <br />regUlatory requirements. including the Obtaining <br />of all required permits. <br /> <br />Page ~ of 10 Pages <br />