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<br />of the ownership of the water rights represented by its shares from irrigation to municipal or <br />commercial or industrial use. The interest rate shall be revised when said rate would <br />increase the original interest rate by 0.5% or more. The parties shall amend this contract, <br />including a revised promissory note, to effect said change in interest rate. <br /> <br />11. Remedies For Default. Upon default in the payments to be made by the BORROWER under this <br />contract, or if the BORROWER fails to comply with any provision of this contract, the CWCB, at its <br />option, may: <br /> <br />a. suspend this contract and withhold further loan disbursements pending corrective action by <br />the BORROWER, and if the BORROWER does not cure the default as provided for below, <br />permanently cease loan disbursements and deem the PROJECT substantially complete; <br /> <br />b. declare the entire principal amount, accrued interest, and late charges, if any, then <br />outstanding immediately due and payable; <br /> <br />c. exercise its rights under any appendices to this contract, including, but not limited to, the <br />Promissory Note, Security Agreement, Assignment of Certificate of Deposit, and/or Deed of <br />Trust; and/or <br /> <br />d. take any other appropriate action. <br /> <br />The CWCB shall provide written notice to the BORROWER of any such default and shall give the <br />BORROWER an opportunity to cure within thirty (30) days of receipt of such notice. All remedies <br />described herein may be simultaneously or selectively and successively enforced. The cweB <br />may enforce the provisions of this contract at its option without regard to prior waivers of <br />previous defaults by the BORROWER, through judicial proceedings to require specific <br />performance of this contract, or by such other proceedings in law or equity as may be deemed <br />necessary by the CWCB to ensure compliance with provisions of this contract and the laws <br />and regulations under which this contract is executed. The eWCB's exercise of any or all of <br />the remedies described herein shall not relieve the BORROWER of any of its duties and <br />obligations under this contract. <br /> <br />12. BORROWER'S Indemnification Of The CWCB, The BORROWER agrees to indemnify and hold <br />the eWCB harmless from any liability incurred by the CWeB as a result of the CWCB's interest <br />in the PROJECT facilities and any other property identified in Section 4 (Collateral) of the Project <br />Summary. <br /> <br />13. Operation of PROJECT, The BORROWER shall, without expense or legal liability to the CWCB, <br />manage, operate, and maintain the PROJECT continuously in an efficient and economical <br />manner. <br /> <br />14. BORRO\VER'S Liability Insurance. <br /> <br />a. Upon execution of this contract and continuing until complete repayment of the loan is made <br />to the eWCB, the BORROWER shall maintain commercial general liability insurance with a <br />company that is satisfactory to the eWCB covering the management, operation, and <br />maintenance of the PROJECT with minimum limits of $1,000,000 combined single limit for <br />each occurrence and $2,000,000 general aggregate, including products/completed <br />operations and personal injury. <br /> <br />b. Said general liability insurance shall name the eWCB as additional insured. The <br />BORROWER shall provide the eWeB with a certificate of said insurance and an additional <br />insured endorsement, and proof of renewals of said insurance. <br /> <br />Page 4 of 9 <br /> <br />Loan Contract <br />