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its representations herein, the BoRROwER shall be estopped from asserting for any <br />reason that it is not authorized or obligated to repay the loan to the CWCB as <br />required by this contract. <br />b. The BoRROwER warrants that it has not employed or retained any company or <br />person, other than a bona fide employee working solely for the BoRROwER, to <br />solicit or secure this contract and has not paid or agreed to pay any person, <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 />c. The BoRROwER warrants that the Collateral for this loan is not encumbered by <br />any other deeds of trust or liens of any party other than the CWCB or in any other <br />manner, except for any existing lien(s) identified in Section 5(Schedule of Existing <br />Debt) of the Project Summary, which sets forth the position of the lien created by <br />this contract in relation to any existing lien(s). Documentation establishing the <br />relative priorities of said liens, if necessary, is attached to the Project Summary <br />and incorporated herein. <br />14. Change of Ownership of Water Shares During Term of Contract. If the interest <br />rate for this loan is based on the CWCB's agricultural or blended agricultural and <br />municipal and/or commercial and/or industrial rates, the BoRROwER agrees to notify <br />the CWCB of any change of � the ownership of the water rights represented by its <br />shares from irrigation to municipal or commercial or industrial use. The interest rate <br />shall be revised when said change in ownership would increase the original interest <br />rate by 0.5% or more. The parties shall amend this contract, including a revised <br />promissory note, to effect said change in interest rate. <br />15. 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 CWCB, at its option, may: <br />a. suspend fihis contract and withhold further loan disbursements pending corrective <br />action by the BORROWER and if the BORROWER d0@S not cure the default as <br />provided for below, permanently cease loan disbursements and deem the PRO�ECT <br />substantially complete; <br />b. declare the entire principal amount, accrued interest, and late charges, if any, then <br />outstanding immediately due and payable; <br />c. exercise its rights under any appendices to this contract, including, but not limited to, <br />the Promissory Note, Security Agreement, and/or any instrument securing collateral; <br />and/or � <br />d. take any other appropriate action. <br />The CWCB shall provide written notice to the 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 />Page 4 of 10 <br />