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9. Pledged Revenues During Loan Repayment. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the Pledged Revenues, so long as any of the principal, accrued interest, and late charges, if any, on this loan remain unpaid, without the prior written concurrence of the CWCB. 10. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire principal, all accrued interest, and late charges, if any, as specified in the Promissory Note, the CWCB agrees that any and all of the CWCB's right, title, and interest in and to the Pledged Revenues shall be released and terminated and CWCB shall execute any documentation necessary to effect such release and termination. 11. Warranties. a. The BoRROwER warrants that by acceptance of the loan under this contract and by its representations herein, the BoRROwER shall be estopped from asserting for any reason that it is not authorized or obligated to repay the loan to the CWCB as required by this contract. b. The BoRROwER warrants that the Pledged Revenues are not encumbered by any other liens of any party other than the CWCB or in any other manner, except for any existing lien(s) identified in Section 5(Schedule of Existing Debt) of the Project Summary, if any, which sets forth the position of the lien created by this contract in relation to any existing lien(s). 12. Remedies For Default. Upon default in the payments to be made by the BoRROwER 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. exercise any of its rights in law or at equity. The CWCB shall provide written notice to the BoRROwER of any such alleged default and shall give the BoRROwER an opportunity to cure within thirty (30) days of receipt of such notice before the BoRROwER shall be considered in default for purposes of this contract. 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 specific performance of this contract, or by such other proceedings in law or equity as may be deemed necessary by the CWCB to ensure Loan Contract C150274 Page 5 of 11 12368\1 \1216151.7