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14. Remedies For Defaulti Upon default in the payments to be made by the BoRROw� <br />under this contract, or default in the performance of any covenant or agreement <br />contained herein, the CWCB, at i#s option, may: <br />a. suspend this contract and withhoid further loan disbursements pending corrective <br />action by the BoRROwER, and if the BoRROwER does not cure the default as provsded <br />for befow, permanen�y cease loan disbursements and deem the PROJECT <br />substantially camplete; <br />b. declare the entire principal amount, accrued interest, and late charges, if any, then <br />outstanding immediately due and payabie; <br />c. exercise its rights under any appendices to this contract, including, but not limited to, <br />the Promissory Note, Security Agreement, andlor any instrument securing collaterat; <br />andlar <br />d. take any other appropriate acfion. <br />The CWCB shall provide written notice to the BoRROweR of any such defauft and shalt <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 seiectively and <br />successivety enforced. The CWCB may errforoe 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 equify as may be deemed necessary by the CWCB to ensure <br />compliance with provisions of this contract and the laws and regula6ons under which <br />this contract is executed. The CWCB`s exercise of any or all of the remedies described <br />herein shatl not relieve the BoRROwER of any of its duties and obligations under this <br />contract. <br />15. t3peration of Prto.�ECr Th@ BORROWER S�II witl�ut expense or tegal liability to the <br />CWCB, manage, operate, and maintain the PRO�ECr continuously in an eff"iaent and <br />economical manner. <br />16. BORROWER� Liability insurance. <br />a. Upon execution of this contrac# and continuing until comp[ete repayment of the loan <br />is made to the CWCB, the BoRROw� shall maintain oommeraal general liability <br />insurance, with a company that is satisfactory to the CWCB, with minimum timits of <br />$1,000,000 combined single limit for each occurrence and $2,000,000 general <br />aggregate, including productslcompleted operations and personal injury. <br />b. Prior to the disbursement of any loan funds, the BoRROwER shall provide the CWCB <br />with an Acord Form 27 evidenang said insuranoe and shall provide the CWCB with <br />documentation of renewats of said insurance. <br />17. Additional Contract Requirements. Any additional contract requirements are set <br />forth in Additional Contract Requirement (Section 7) of the Project Summary. <br />Page 5 of 11 <br />