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under this contract, or de�'ault in the pertormance of ar�y covenant or agreement <br />eontained herein, the CWCB, at i#s optican, may: <br />a. suspend fiFris contract and withhold fiurther loan disbursements pending corrective <br />action by the Bo�r�ow��, and if the Bo�t�ow�R do�s not cure the defaul# as <br />provided fvr below, permanenfily cease Ivan disbursements and deem the PRO.�ECT <br />subs#antiaNy camplefie; <br />b: declare the entire principal amount, accrued infierest, and lafie charges, if any, then <br />outstanding imrnediatQl�r due and payable; <br />�. exercise ifis rights under any appendices ta this contract, including, but not limited tv, <br />the Promissory Note, Securifiy Agr�em�nfi, and<or any instrument securing coll�teral; <br />and/or <br />d. take any other appropri�te action. <br />The CWCB shafl provide writt�n notice to the BoRROw�R of any such default and shall <br />give the BoRROwER an Qpportunity to eure within thirty (30) day� o# receipt of such <br />notiee. Ali remedies described herein may be simuftaneou�ly or selectively and <br />successively enfarc:ed. The CWCB may enforce fihe provisions of this contract at its <br />option wifihout regard to prior waivers of previous defaulfis by th� BoRROw��, through <br />ludicial proceedings to require sp�cifie per�ormance of this contracfi, or by such other <br />proceedings in law pr equity as may be deemed necessary by the CWCB to ensure <br />co�pliance wi#h provisicans of this ccantract and the laws �nd regulations under which <br />this con#rack is execut�d. The CVI/CB's exercise of any or all ofi the remedies <br />described herein shall not relieve the BoRROw�R of any of its duties and abligations <br />under this contract. <br />15. Qperafiion ofi RRO,JEC'r 'f'he gpRROWER shall without expense or I�gal liabili#y to the <br />CWCB, manage, operate and maintain #he PROJECT continuousty in an �fficient and <br />econamical manner. <br />16. Bp�tow�R's Liability tnsuran�e. <br />a. Upon execution o# thts cantract and con�inuing until complet� repayment of the loan <br />is made #o the CWCB, the Bo�t�tow�� shall maintain commercial genera! liability <br />insuranc�, wi#h a company fihat is satisfactory to the CWCB, wi#h minimum limits of <br />$1,OD0,000 cambined singl�e limit for each occurrence and �2,Of?O,p�Q general <br />aggregafie, including products/completed operations and personat injury. <br />b. Prior to the disburserrient of any laan funds, the BoRROwER shali provide the CW�B <br />with an Acord Form 25 evi�encing said insurance and shall provide the CWCB with <br />documentation of renewals of said 'rnsurance. <br />� 7. Additional Contract Requir�ments. Any additional contract requirement� are set <br />forth in AddifiiQnal Contract Requirement (Secti�on 7) of the Praject �umrnary. <br />Loan Contrac# C15�270 <br />Page 5 of 11 <br />