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<br />company. corporation. individual. or firm, other than a bona fide employee, any fee, <br />commission. percentage. gift. or other consideration contingent upon or resulting <br />from the award or the making of this contract. <br /> <br />c. The BORROWER warrants that the Pledged Revenues and collateral for this loan <br />are not encumbered by any other deeds of trust or liens of any party other than the <br />eWCB or in any other manner, except for any existing Iien(s) identified in Section 5 <br />(Schedule of Existing Debt) of the Project Summary, which sets forth the position <br />of the lien created by this contract in relation to any existing Iien{s). <br /> <br />12. Remedies For Default. Upon default in the payments to be made by the BORROWER <br />under this contract, or default in the performance of any covenant or agreement <br />contained herein, the eWCB, at its option, may: <br /> <br />a. suspend this contract and withhold further loan disbursements pending corrective <br />action by the BORROWER, and if the BORROWER does not cure the default as <br />provided for below. permanently cease loan disbursements and deem the PROJECT <br />substantially complete; <br /> <br />b. exercise its rights under any appendices to this contract, including, but not limited to, <br />the Promissory Note and Security Agreement; and/or <br /> <br />c. take any other appropriate action. <br /> <br />The eWeB shall provide written notice to t~e BORROWER of any such default and shall <br />give the BORROWER an opportunity to cure within thirty (30) days of receipt of such <br />notice. All remedies described herein may be simultaneously or selectively and <br />successively enforced. The eWeB may enforce the provisions of this contract at its <br />option without regard to prior waivers of previous defaults by the BORROWER. through <br />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 CWCB to ensure <br />compliance with provisions of this contract and the laws and regulations under which <br />this contract is executed. The CWCB's exercise of any or all of the remedies <br />described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this contract. <br /> <br />13. OPERATION OF PROJECT. The BORROWER shall, without expense or legal liability to the <br />eWCB. manage. operate and maintain the PROJECT continuously in an efficient and <br />economical manner. <br /> <br />14. BORROWER'S Liability Insurance. <br /> <br />a. Because the BORROWER is a "public entity" within the meaning of the Colorado <br />Govemmental Immunity Act. CRS 24-10-101. et sea.. as amended ("Act"). the <br />BORROWER shall at all times maintain such liability insurance, by commercial policy <br />or self-insurance as is necessary to meet its liabilities under the Act. <br /> <br />b. Prior to the disbursement of any loan funds. the BORROWER shall provide the ewcs <br />with an Acord Form 27 or other form satisfactory to the ewcs evidencing said <br />insurance and shall provide the CWCB with documentation of renewals of said <br /> <br />Page 5 of 10 <br /> <br />