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<br />CWCB under this contract, or default in the performance of any covenant or agreement contained <br />herein, the CWCB, at its option, may: <br /> <br />a. suspend this contract and withhold further loan disbursements pending corrective action by <br />the BORROWER, and if the BORROWER does not cure the default as provided for below, <br />permanently cease loan disbursements and commence the repayment period of the loan as if <br />the Project had been deemed substantially complete; <br /> <br />b. declare the entire principal amount disbursed, accrued interest, and late charges, if any, then <br />outstanding immediately due and payable; . <br /> <br />c. exercise. its rights under any attachments to this contract, including, but not limited to, the <br />Promissory Note and Security Agreement; <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 the <br />BORROWER an opportunity to cure within thirty (30) days of receipt of such notice. All remedies <br />described herein may be simultaneously or selectively and successively enforced. The CWCB <br />may enforce the provisions of this contract at its option without regard to prior waivers of previous <br />defaults by the BORROWER, through judicial proceedings to require specific performance of this <br />contract, or by such other proceedings in law or equity as may be deemed necessary by the <br />CWCB to ensure compliance with provisions of this contract and the laws and regulations under <br />which 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 obligations under this contract. <br /> <br />11. BORROWER'S Indemnification Of The CWCS. To the extent authorized by law, the BORROWER <br />agrees to indemnify and hold the CWCB harmless from any liability incurred by the CWCB as a <br />result of the CWCB's relationship with the BORROWER under this contract. <br /> <br />12. 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 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 personal <br />injury. <br /> <br />b. 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 or <br />self-insurance as is necessary to meet its liabilities under the Act. <br /> <br />c. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCS <br />with an Acord Form 27 or other' form satisfactory to the CWCB evidencing said <br />insurance and shall provide the CWCB with documentation of renewals of said <br />insurance. <br /> <br />B. CONSTRUCTION PROVISIONS <br /> <br />1. Construction Fund Program Procedures. The BORROWER may utilize its own staff for <br />construction of the PROJECT. During the construction of the PROJECT, the BORROWER shall <br />adhere to the following: <br /> <br />a. The BORROWER shall employ an engineer, registered in the state of Colorado ("ENGINEER") toOprepare plans and specifications for the PROJECT. <br /> <br />Page 4 of 9 <br />