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~ ~ under this contract, or default in the performance of any covenant or agreement contained herein, the CWCB, at its option, may: a. suspend this contract and withhold further loan disbursements pending corrective action by the BORROWER, and if the BORROWER does not cure the default as provided for below, permanently cease loan disbursements and deem the PRO~ECT substantially complete; b. exercise its rights under any appendices to this contract, including, but not limited to, the Promissory Note and Security Agreement; and/or c. take any other appropriate action. The CWCB shall provide written notice to the BoRROwER of any such default and shall give the BoRROwER an opportunity to cure within thirty (30) days of receipt of such notice. All remedies described herein may be simultaneously or selectively and successively enforced. The CWCB may enforce the provisions of this contract at its option without regard to prior waivers of previous defaults by the BoRROwER, through judicial proceedings to require speci~c performance of this contr by such other proceedings in law or equity as may be deemed neces ary by t C B to ensure compliance with provisions of this contract and the la and regu ion under which this contract is executed. The CWCB' rcise of ny or al the remedies described herein shall not relieve the RRO of an its duties and obligations under this contract. 13. OPERATION OF PROJECT. Th RROWER Shall, without expense or legal liability to the CWCB, manage, operate an aintain the PRO~ECT continuously in an efficient and economical manner. 14. BORROWER's Liability Insurance. a. Because the BORROWER is a"public entity" within the meaning of the Colorado Governmental Immunity Act, CRS 24-~0-101, et seq•, as amended ("Act"), the BoRROwER shall at all times maintain such liability insurance, by commercial policy or self-insurance, as is necessary to meet its liabilities under the Act. b. Prior to the disbursement of any loan funds, the BoRROwER shall provide the CWCB with an Acord Form 27 or other form satisfactory to the CWCB evidencing said insurance and shall provide the CWCB with documentation of renewals of said insurance. 15. Additional Contract Requirements. Any additional contract requirements are set forth in Additional Contract Requirement (Section 6) of the Project Summary. B. PROJECT PROVISIONS 1. Construction Fund Program Procedures. During the completion of the PRO~ECT, the BORROWER shall adhere to the CWCB Construction Fund Program Procedures (Section 7) of the Project Summary. 2. Eligible Expenses. The PRO~ECT expenses for which the BoRROwER is eligible for Page 5 of 10