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<br />CWCB or in any other manner, except for any pre-existing Iien(s) identified in <br />Section 5 (Schedule of Existing Debt) of the Project Summary, which sets forth <br />the position of the lien created by this contract in relation to any pre-existing Iien(s). <br />Documentation establishing the relative priorities of said liens, if necessary, is <br />attached to the Project Summary and incorporated herein. <br /> <br />12. 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 /> <br />a. suspend this contract and withhold further loan disbursements pending corrective <br />action by the BORROWER, and if the BORROWER does not cure the default as <br />provided for below, permanently ~ase loan disbursements and deem the PROJECT <br />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, <br />the Promissory Note, Security Agreement, and/or any instrument securing collateral; <br />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 <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 />successively enforced. The CWeB may enforce 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 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 <br />described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this contract. <br /> <br />13. QPERATIONOF PROJECT. The BORROWER shall, without expense or legal liability to the <br />eWCB, manage, operate and maintain the PROJECT continuously in an efficient and <br />economical manner. <br /> <br />14. BORROWER'S Liability Insurance. <br /> <br />a. Upon execution of this contract and continuing until complete repayment of the loan <br />is made to the CWCB, the BORROWER shall maintain general liability insurance with <br />minimum limits of $1,000,000 combined single limit for each occurrence and <br />$2,000,000 general aggregate, including products/completed operations and <br />personal injury. <br /> <br />b. Because the BORROWER is a "public entity" within the meaning of the Colorado <br />Governmental Immunity Act, CRS 24-10-10.1, et sea., as amended ("Act"), the <br />BORROWER shall at all times maintain such liability insurance, by commercial policy. <br />or self-insurance as is necessary to meet its liabilities under the Act. <br /> <br />Page 5 of 10 <br />