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<br />rate would increase the original interest rate by 0.5% or more. The parties shall amend <br />this contract, 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 <br />this contract, or if the BORROWER fails to comply with any provision of this contract, the <br />CWCB, at its option, may: <br /> <br />a. suspend this contract and withhold further loan disbursements pending corrective action <br />by 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 <br />Deed of 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 <br />the BORROWER an opportunity to cure within thirty (30) days of receipt of such notice. All <br />remedies described herein may be simultaneously or selectively and successively <br />enforced. The CWCB may enforce the provisions of this contract at its option without <br />regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings <br />to require specific performance of this contract, or by such other proceedings in law or <br />equity as may be deemed necessary by the CWCB to ensure compliance with provisions <br />of this contract and the laws and regulations under which this contract is executed. The <br />CWCB's exercise of any or all of the remedies described herein shall not relieve the <br />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 <br />hold the CWCB harmless from any liability incurred by the CWCB as a result of the <br />CWCB's interest in the PROJECT facilities and any other property identified in Section 4 <br />(Collateral) of the Project Summary. <br /> <br />13. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the <br />CWCB, 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 is <br />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 general <br />aggregate, including products/completed operations and personal injury. <br /> <br />b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB with <br />an Acord Form 27 evidencing said insurance and shall provide the CWCB with <br />documentation of renewals of said insurance. <br /> <br />B. PROJECT PROVISIONS <br /> <br />1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br /> <br />Tilton Lateral, Inc. <br /> <br />Page 4 of 9 <br /> <br />Loan Contract <br />