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<br />resulting from the award or the making of this contract.- <br /> <br />d. The BORROWER warrants that the property identified in the Collateral Provisions of this contract is <br />not encumbered by any liens other than the STATE'S or in any other manner. <br /> <br />13. Collateral. Part of the security provided for this loan, as evidenced by the executed Assignment of <br />Certificate of Deposit, attached as Appendix C and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in a certificate of deposit account established by the BORROWER in <br />the amount of one annual loan payment ($2,071.86), hereinafter referred to as CD ACCOUNT. The <br />STATE shall use the funds contained in the CD ACCOUNT for the purpose of paying principal and <br />interest due under this contract not otherwise paid by the BORROWER. Any amount withdrawn by the <br />STATE for this purpose shall be replenished by the BORROWER within 60 days after such withdrawal. <br />The STATE shall not disburse any loan funds under this contract until the BORROWER has established <br />the CD ACCOUNT. <br /> <br />14. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, transfer, <br />mortgage, pledge, encumber, or otherwise dispose of any collateral for this loan, or any portion <br />thereof or the assessment revenues pledged to repay the loan herein, so long as any of the principal <br />and any accrued interest required by the Promissory Note Provisions of the contract remain unpaid <br />without the prior written concurrence of the STATE. <br /> <br />15. Remedies For Default. Upon default in the payments herein set forth to be made by the BORROWER, <br />or default in the performance of any covenant or agreement contained herein, the STATE, at its option, <br />may: <br /> <br />a. declare the entire principal amount and accrued interest then outstanding immediately due and <br />payable; <br /> <br />b. act upon its security interests and the promissory note; and/or <br /> <br />c. take possession of the, CD ACCOUNT and utilize the funds for repayment of the loan; and/or <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 which <br />this contract is executed. The STATE'S exercise of any or all of the remedies described herein shall <br />not relieve the BORROWER of any of its duties and obligations under this contract. <br /> <br />16. In Event Of A Conflict. In the event of conflict between the terms of this contract and conditions as <br />set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />17. Pledge Of Revenues. The BORROWER agrees that the specific revenues to be pledged to repay the <br />STATE shall include, but not be limited to, assessments levied for that purpose as authorized by <br />resolution of the BORROWER. Furthermore, BORROWER agrees that <br /> <br />a. Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby pledges such <br />revenues to repay the STATE loan, agrees that these revenues shall be set aside and kept in an <br />account separate from other BORROWER revenues, and warrants that these revenues shall not be <br /> <br />Feasibility Study Loan Contract <br /> <br />Page 4 of 8 <br />