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<br />,-~ <br /> <br />Promissory Note Provisions of the contract remain unpaid without the prior written concurrence of <br />the STATE. <br /> <br />10. Remedies For Default. Upon default in the payments herein set forth to be made by the <br />BORROWER, or default by the DISTRICT or the BORROWER in the performance of any covenant or <br />agreement contained herein, the STATE, at its option, may: <br /> <br />a, declare the entire principal amount and accrued interest then outstanding immediately due <br />and payable; <br /> <br />b, act upon the Promissory Note; <br /> <br />c. apply the funds contained in the CD ACCOUNTS to the repayment of the loan; and/or <br /> <br />d, take any other appropriate and legal action, <br /> <br />Upon a default, all remedies described herein may be simultaneously or selectively and <br />successively enforced, The provisions of this contract may be enforced by the STATE at its <br />option without regard to prior waivers of previous defaults by the DISTRICT or the BORROWER, <br />through judicial proceedings to require specific performance of this contract, or by such other <br />proceedings in law or equity as may be deemed necessary by the STATE to ensure compliance <br />with provisions of this contract and the laws and regulations under which this contract is <br />executed. The STATE'S exercise of any or all of the remedies described herein shall not relieve <br />the DISTRICT or the BORROWER of any of its duties and obligations under this contract <br /> <br />11. In Event Of A Conflict. In the event of conflict between the terms of this contract and conditions <br />as set forth in any of the appendices, the provisions of this contract shall control. <br /> <br />12. Release After Loan Is Repaid. Upon complete repayment to the STATE of the entire principal <br />and any accrued interest as specified in the Promissory Note, the STATE agrees to release to the <br />DISTRICT and/or the BORROWER any unused funds contained 'in the CD ACCOUNTS, <br /> <br />13. Designated Agent Of The STATE. The CWCB, which includes its agents and employees, is <br />hereby designated as the agent of the STATE for the purpose of this contract <br /> <br />14. Contract Assignment. This contract is not assignable by the DISTRICT and the BORROWER <br />without the prior written approval of the STATE, <br /> <br />15. Contract Relationship. The parties to this contract intend that the relationship between them <br />contemplated by this contract is that of lender-borrower, not employer-employee, No agent, <br />employee, or servant of the DISTRICT or the BORROWER shall be, or shall be deemed to be, an <br />employee, agent, or servant of the STATE, The DISTRICT and the BORROWER shall be solely and <br />entirely responsible for their acts and the acts of their agents, employees, servants, engineering <br />firms, construction firms, and subcontractors during the performance of this contract <br /> <br />16. Complete Integration Of All Understandings. This agreement is intended as the complete <br />integration of all understandings between the parties, No prior or contemporaneous addition, <br />deletion, or other amendment hereto shall have any force or effect whatsoever unless embodied <br />herein in writing, No subsequent novation, renewal, addition, deletion, or other amendment <br />hereto shall have any force or effect unless' embodied in a written contract executed and <br />approved pursuant to STATE fiscal rules. <br /> <br />17. Captions. The captions and headings contained in this contract are for convenience and <br />reference only and shall not be construed so as to define or limit the terms or provisions <br />contracted herein, <br /> <br />18. STATE'S Approval. This contract requires review and approval of the Study, The STATE'S review <br /> <br />Feasibility Report Loan Contract <br /> <br />Page 4 of 8 <br />