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<br />transfer or encumbrance without the STATE'S written concurrence, the STATE may at any time <br />thereafter declare all outstanding principal and interest on this loan immediately due and payable. <br /> <br />16. 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 and <br />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 default, <br />and add the amount of such expenditures to the principal of the loan amount; <br /> <br />c. 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 />d. take any other appropriate action. <br /> <br />All remedies described herein may be simultaneously or selectively and successively enforced. The <br />provisions of this contract may be enforced by the STATE at its option without regard to prior waivers <br />of previous defaults by the BORROWER, through judicial proceedings to require specific performance <br />of this contract, or by such other proceedings in law or equity as may be deemed necessary by the <br />STATE to ensure compliance with provisions of this contract and the laws and regulations under <br />which this contract is executed. The STATE'S exercise of any or all of the remedies described herein <br />shall not relieve the BORROWER of any of its duties and obligations under this contract. <br /> <br />17. 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 period <br />and shall forward said statement to the STATE. <br /> <br />18. 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 records, <br />maintenance records, and financial records, and shall not be construed nor interpreted as an <br />approval of the actual design and/or construction of any element of the PROJECT facilities. <br /> <br />19. 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 term <br />of this contract. <br /> <br />20. No Discrimination Of Services. The services of said PROJECT shall be made available within its <br />capacity and in accordance with all pertinent statutes, rules and regulations, and operational <br />guidelines to all persons in the BORROWER'S service area without discrimination as to race, color, <br />religion, or national origin at reasonable charges (including assessments or fees), whether for one or <br />more classes of service, in accordance with a schedule of such charges formally adopted by the <br />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 not to exceed <br />that specified in the Promissory Note Provisions of this contract. <br /> <br />Pine River Canal Company <br /> <br />Page 7 of 12 <br /> <br />Loan Contract <br />