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contained herein, the CWCB, at its option, may: <br />a. suspend this contract and withhotd further loan disbursements pending coRective <br />action by the BoRROwER, and if the BoRROwER does not cure the defautt as provided <br />for below, permanently cease loan disbursements and deem the PROJECT <br />substantially complete; <br />b. declare the entire principal amount, accrued interest, and late charges, if any, then <br />outstanding immediately due and payabfe; <br />c. exercise its rights under any appendices fo this contract, including, but not limited to, <br />the Promissory Note, Security Agreement, and/or any instrument securing collateral; <br />ancl/or <br />d. take any other appropriate action. <br />The CWCB shafl provide written notice to the Botz�towER of any such defauft 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 simultaneousiy or selectively and <br />successively enforced. The CWCB may enforce the provisions of this contracf at its <br />option without regard to prior waivers of previous defaults by the BoRROV►�R, through <br />judicial proceedings to require specific pe�formance 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 described <br />herein shall not relieve the BoRROwER of any of its duties and obtigations under this <br />contract. <br />15. Operation of PRO�ECr. The BoRROwER shall, without expense or legal liability to the <br />CWCB, manage, operate, and maintain the PRO�ECT continuously in an efficient and <br />economical manner. <br />16. BORROWER Liability Insurance. <br />a. Upon execution of this contract and continuing until comptete repayment of the loan <br />is made to the CWCB, the BoRROwER shall maintain commercial general liability <br />insurance, with a company that is satisfactory to the CWCB, with minimum limits of <br />$1,000,000 combined single limit for each occurrence and $2,000,000 generat <br />aggregate, including products/completed operations and personal injury. <br />b. Prior to the disbursement of any loan funds, the BoRROw�R shalt provide the CWCB <br />with an Acord Form 27 eviiiencing said insurance and shalt provide the CWCB with <br />documentation of renewals of said insurance. <br />17. Additional Contract Requirements. Any additional contract �equirements are set <br />forth in Additiona! Contract Requirement {Section 7) of the Project Summary. <br />B. PROJECT PROVtSIONS <br />1. Construction Fund Program Procedures. During the completion of the PRO�ECT, the <br />BoRROwER shall adhere to the CWCB Construction Fund Program Procedures (Section <br />� Page 5 of 11 <br />