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<br /> <br /> <br />b. The BORROWER warrants that it has not employed or retained any company or <br />person, other than a bona fide employee working solely for the BORROWER, to <br />solicit or secure this contract and has not paid or agreed to pay any person, <br />company, corporation, individual, or firm, other than a bona fide employee, any fee, <br />commission, percentage, gift, or other consideration contingent upon or n3sulting <br />from the award or the making of this contract. <br /> <br />c. The BORROWER warrants that the Pledged Revenues are not encumbered by any <br />other deeds of trust or liens of any party other than the CWCB or in any other <br />manner, except for any existing lien(s) identified in Section 5 (Schedule of Existing <br />Debt) of the Project Summary, which sets forth the position of the lien cr€iated by <br />this contract in relation to any existing Iien(s). . <br /> <br />12. Remedies For Default. Upon default in the payments to be made by the BOIRROWER <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 dElfault as <br />provided for below, permanently cease loan disbursements and deem the PROJECT <br />substantially complete; <br /> <br />b. exercise its rights under any appendices to this contract, including, but not limited to, <br />the Promissory Note and Security Agreement; and/or <br /> <br />c. 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 selecti,vely and <br />successively enforced. The CWCB 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. 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. Because the BORROWER is a "public entity" within the meaning of the Colorado <br />Governmental Immunity Act, CRS 24-10-101, et seq., 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 11 <br />