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9. Deed of trust. The final location of the Plateau Creek Pipeline has not been determined, and will not be determined until any required environmental assessments or environmental impact statements have been prepared, and until other permitting which may be required in connection with the PROJECT has been completed. As soon as practicable after the location of the Plateau Creek Pipeline has been finally determined and any necessary rights of way for the pipeline have been obtained, BORROWER shall execute and deliver to the STATE a deed of trust, in the form attached as Appendix C, granting the ST ATE a security interest in all of BORROWER'S interest (being an undivided 100% interest in and to the Plateau Creek Pipeline). and all easements and rights of way therefor. 10. Remedies for default. Upon default in the payments herein set forth to be made by the BORROWER, or default in the performance of any covenant or agreement contained herein, the STATE, at its option, may: a. declare the entire principal amount and accrued interest then outstanding immediately due and payable; b. for the account of the BORROWER, incur and pay reasonable expenses for repair, maintenance, and operation of the PROJECT herein described and such expenses as may be necessary to cure the cause of default; c. take possession of the PROJECT, repair, maintain, and operate or lease it; d. act upon the deed of trust, security interest, and promissory note; e. take any other appropriate legal action. All remedies described herein may be simultaneously or selectively and successively enforced. The provisions of this contract may be enforced by the STAlE at its option without regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to require specific performance of this contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE to ensure compliance with provisions of this contract and the laws and regulations under which this contract is entered into. 11. No sale or conveyance of any collateral until the loan is repaid. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the PROJECT or any portion thereof or the assessment revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest required by the promissory note provisions of the contract remain unpaid without the prior written concurrence of the STATE. 12. This contract controls if there is a conflict. In the event of conflict between the terms of this contract and conditions as set forth in any of the appendices, provisions of this contract shall control. 13. Pledge of revenues. The BORROWER agrees that the revenues to be used to repay the STATE shall be the operating costs and rates, fees, and other charges as authorized by resolution of the BORROWER, and any other funds legally available to BORROWER to repay the STATE. a. Pledge of sufficient revenues. The BORROWER hereby pledges sufficient annual revenues to pay the annual installment amount subject only to the pledge of funds for repayment of the BORROWER'S Water Revenue Refunding Bonds, Series 1987, and other CWCB contracts. b. Charges and fees for repayment of the loan. The BORROWER shall, pursuant to its applicable laws and as authorized by its resolution, take all necessary actions consistent theraoorith to .adjust. . UTE WATER CONSERVANCY DISTRICT Page 6 of 11 LOAN CONTRACT