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<br />. <br /> <br />I' <br /> <br />LOAN CONlRACT <br />lower Arkansas <br />Water Management Association <br />Feasibility Study <br /> <br />7b. (Upon Default by the Borrower, the State has these Options): Upon default in <br />the payments herein set forth to be made by the Borrower, or default in the performance of <br />any covenant or agreement contained herein, the State, at its option, may: (a) declare the <br />entire principal amount then outstanding immediately due and payable; (b) for the account of <br />the Borrower, incur and pay reasonable expenses as may be necessary to cure the cause of <br />default; (c) act upon the security (described in Appendix D); (d) take action to enforce <br />paragraphs 6a., 6b., 6c., 6d. and 8. ; and/or (e) take any other appropriate legal action. All <br />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 <br />prior waivers by it of previous defaults by the Borrower, through judicial proceedings to <br />require specific performance of this contract, or by such other proceedings in law or equity <br />as may be deemed necessary by the State to ensure compliance with provisions of this <br />contract and the laws and regulations under which this contract is entered into. <br /> <br />7c. (Borrower to Levy Additional Assessments if Needed to Repay the State): <br />The Borrower warrants that in the event of a default by the Borrower in the repayment to <br />the State, and upon written notice thereof from the State, the Borrower shall, pursuant to its <br />By-laws, immediately take all necessary actions to levy an additional assessment and to <br />pledge additional revenues in a sufficient amount and in a timely manner to cure the default <br />and to repay the State as required by the contract. Such additional revenues shall be deemed <br />covered by the existing security interest, <br /> <br />7d. (State will Execute Release after Loan is Repaid): Upon completion of <br />repayment to the State of the entire principal and any accrued interest, as specified in the <br />Promissory Note of this contract, the State agrees to execute a release of deed of trust to <br />convey to the Borrower all of the State's right, title, and interest in and to the project and <br />any other property described in Appendix D. <br /> <br />7e. (This Contract Controls, if there is a Conflict): In the event of conflict between <br />the terms and conditions as set forth in this paragraph 7 (DEED OF TRUST <br />PROVISIONS), and Appendix D (The actual Deed of Trust) , provisions of this'contract <br />shall control. <br /> <br />. <br /> <br />8, (Levy assessments for repayment of the loan): The Borrower shall, pursuant to <br />its Articles of Incorporation and to its By-laws, take all necessary actions consistent <br />therewith to levy assessments to raise sufficient funds to pay this contract loan debt in a <br /> <br />Page 6 of 12 Pages <br /> <br />. , <br /> <br />-.<li;. ~ _ <br />