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�inance SIB #S2012-005-01 <br />SuRRMA — (Paris District) <br />shall retum any unexpended portion of SIB Loan No. 1 to the State, whereupon the State <br />shall recalculate the SIB Loan No. 1 amount and the principal and interest repayment <br />schedule attached as Exhibit D. The Authority is responsibie for repaying the reduced or <br />changed SIB Loan No. 1 amount and the interest thereon as if the Project had been <br />compieted. <br />Article 7. Defaults <br />A. The Authority shall be in default if it fails to repay SIB Loan No. 1(the Principal <br />Payments and the Interest Payments) as set forth in Article 1 above or otherwise fails <br />to comply with the terms of this Agreement. The State shall not be obligated to take <br />further action nor resume its obligations under this Agreement until the Authority is no <br />longer in default. The Authority shall reimburse the State for all costs or other losses of <br />funds resulting from any default or failure to perform by the Authority. <br />B. The Authority agrees that in the event of a default under this Agreement the State may, <br />by all legal and equitable means, require the Authority and any appropriate official of <br />the Authority (acting solely in his/her official capacity) to remedy any default under, and <br />carry out the provisions of, this Agreement and/or the Interlocal Cooperative <br />Agreement, including spec�cally the use and filing of mandamus proceedings in any <br />court of competent jurisdiction in Travis County, Texas. <br />Article 8. Authority Solely Responsible <br />The Authority agrees that it is solely responsible for all losses, costs� expenses, penalties, <br />claims, and liabilities due to activities of the AutFtority and its agents, employees, officers. <br />or contractors pertormed under this Agreement, and which result from an error, omission, <br />or negligent act of the Authority or any agent, employee, official, or contractor of Authority. <br />Notwithstanding anything in this Agreement to the contrary, this provision shall survive any <br />terminafion of this Agreement. <br />Article 9. Termination <br />This Agreement may be terminated upon the occurrence of any of the following conditions: <br />A. If both parties to this Agreement agree in writing to such termination; provided, <br />however, that any such termination is specifically subject to the requirements of Article <br />6 of this Agreement; <br />B. If the State is unable to advance the SIB Loan proceeds to the Authority, the State <br />shall terminate this Agreement and provide written notice thereof to the Authority; <br />C. If the Authority is in defautt on a Principal Payment or Interest Payment required under <br />this Agreement, the State may dedare this Agreement to be terminated, or may <br />exercise any of the rights granted the State in Artide 7 of this Agreement or in the <br />Interlocal Cooperative Agreement; but the payment obligations of the Authority shall <br />survive any such termination and shall continue in effect until discharged and satisfied; <br />and <br />D. Upon repayment in full by the Authority of SIB Loan No. 1� and compliance by the <br />Authority with all other requirements of tFtis Agreement, the State shall execute and <br />deliver to the Authority a certificate of payment, provided that, upon the execution and <br />delivery of the certificate of payment by the State, this Agreement shall automatically <br />terminate, except with respect to any obligation of a party related to any losses, costs, <br />Page 9 of 12 <br />