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<br />this Contract. <br /> <br />All remedies described herein may be simultaneously, <br />selectively or successively enforced, except as stated below. No <br />.delay or failure of the State in exercising any right, power or <br />privilege under this Contract shall operate as a waiver thereof. <br /> <br />In addition, the provisions of this Contract may be <br />enforced by the State at its option without regard to prior waivers <br />by it of previous defaults by the Borrower, through judicial <br />proceedings to require specific performance of this Contract, or by <br />such other proceedings in law or equity as may be deemed necessary <br />by the State to ensure compliance with provisions of this Contract <br />and the laws and regulations under which this Contract is entered <br />into. <br /> <br />The State shall not enforce its security interest in the <br />Allotment Contract unless the Borrower fails to make the first full <br />installment payment to the State within 60 days of the due date as <br />described in paragraph B.6 of this Contract, or the Borrower is at <br />any time in arrears to the State in an amount equal to one annual <br />installment payment under this Contract. However, the State shall <br />not enforce its security interest in the Allotment Contract if the <br />Borrower's default in payment is caused by an order of the Colorado <br />State Engineer, prohibiting storage and release of water from <br />Carter Lake Reservoir. <br /> <br />If the State does enforce its security interest in the <br />Borrower's interest in the Allotment Contract, the State or any <br />person to whom the State lawfully leases or assigns the Borrower's <br />interest thereunder shall fully perform the obligations and receive <br />the benefits thereunder, subject to the terms of the Allotment <br />Contract. <br /> <br />Consistent with this contract, the State further agrees <br />to return Borrower's interest in the Allotment Contract to the <br />Borrower as soon as possible after the default has been cured and <br />the Borrower reasonably demonstrates that the Borrower is competent <br />to comply with all terms of the Allotment Contract. <br /> <br />D. After the Borrower has completely repaid the State all <br />moneys covered by this Contract, the State will relinquish or <br />convey to the Borrower in a manner permitted by law all of the <br />State's right, title and interest in and to the Allotment Contract <br />and revenues pledged herein. <br /> <br />E. This Contract is personal in nature and assignment of <br />performance by the Borrower to another is prohibited unless prior <br />approval in writing is granted by the State. <br /> <br />F. The parties to this Contract intend that the relationship <br />between them contemplated by this Contract is that of lender- <br />borrower, not employer-employee nor principal-agent. No agent, <br />employee, or servant of the Borrower shall be or shall be deemed to <br />be an employee, agent, or servant of the State. The Borrower will <br /> <br />Page 9 of 12 pages <br />