Laserfiche WebLink
<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 />a. exercise its rights under any appendices to this contract, including, but not limited to, the <br />Promissory Note, Security Agreement, and/or Deed of Trust; and/or <br /> <br />b. 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 CWCB <br />may enforce the provisions of this contract at its option without regard to prior waivers of previous <br />defaults by the BORROWER, through judicial proceedings to require specific performance of this <br />contract, or by such other proceedings in law or equity as may be deemed necessary by the <br />CWCB to ensure compliance with provisions of this contract and the laws and regulations under <br />which this contract is executed. The CWCB's exercise of any or all of the remedies described <br />herein shall not relieve the BORROWER of any of its duties and obligations under this contract. <br /> <br />12. BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and hold the <br />CWCB harmless from any liability incurred by the CWCB as a result of the CWCB's interest in the <br />PROJECT facilities and any other property identified in Section 3 (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 manner. <br /> <br />14. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until complete <br />repayment of the loan is made to the CWCB, the BORROWER shall maintain commercial general <br />liability insurance with a company that is satisfactory to the CWCB covering the management, <br />operation, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate, including products/completed <br />operations and personal injury. <br /> <br />Said general liability insurance shall name the CWCB as additional insured. The BORROWER shall <br />provide the CWCB with a certificate of said insurance and an additional insured endorsement, and <br />proof of renewals of said insurance. The CWCB shall not disburse any loan funds without <br />evidence of said insurance coverage. Throughout the life of this contract, the CWCB reserves the <br />right to increase the above amount of insurance. <br /> <br />B. PROJECT PROVISIONS <br /> <br />1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br />BORROWER shall adhere to the following: <br /> <br />a. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans <br />and specifications for the PROJECT. <br /> <br />North Poudre Irrigation Company <br /> <br />Page 4 of 11 <br /> <br />Loan Contract <br />