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<br />d, apply the funds contained in the CD ACCOUNT to the repayment of the loan; <br /> <br />e. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively <br />enforced. The provisions of this contract may be enforced by the STATE at its option without <br />regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings <br />to 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 executed. The STATE'S <br />exercise of any or all of the remedies described herein shall not relieve the BORROWER of <br />any of its duties and obligations under this contract. <br /> <br />16. Progress Reports. The BORROWER shall, with the assistance of the CONSULTANT, prepare a <br />periodic progress report which contains a statement of the PROJECT costs expended for that <br />period and shall forward 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 <br />of this contract. Furthermore, such inspections shall cover the condition of the PROJECT, <br />operating records, maintenance records, and financial records, and shall not be construed <br />nor interpreted as an approval of the actual design and/or construction of any element of the <br />PROJECT facilities. <br /> <br />18. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, <br />state, and local laws and regulations that are in effect or may hereafter be established <br />throughout the term of this contract. <br /> <br />19. No Discrimination Of Services. The services of said PROJECT shall be made available <br />within its capacity and in accordance with all pertinent statutes, rules and regulations, and <br />operational guidelines to all persons in the BORROWER'S service area without discrimination <br />as to race, color, religion, or national origin at reasonable charges (including assessments or <br />fees), whether for one or more classes of service, in accordance with a schedule of such <br />charges formally adopted by the BORROWER, as may be modified from time to time. <br /> <br />B. The STATE agrees as follows: <br /> <br />1. Agreement To Loan Money. The STATE agrees to loan to the BORROWER an amount up to <br />$55,000 and not to exceed 75% of actual project costs at an interest rate of 3.75% per <br />annum for a term of thirty years. <br /> <br />2. Disbursements. After receipt of the periodic progress report from the BORROWER, and <br />review and acceptance of the items therein as eligible expenses as described below, the <br />STATE will pay to the BORROWER the amount set forth in the report or such portion that has <br />been approved by the STATE. The STATE shall review each progress report not less than 15 <br />days after receipt and make its determination as to approval. The STATE shall make such <br />payment within 15 days from the STATE'S approval of each progress report. After the final <br /> <br />The Farmers Independent Ditch Company <br /> <br />Page 8 of 14 <br /> <br />Loan Contract <br />