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person, other than a bona fide employee working solely for the BoRROVUER, to solicit <br />or secure this contract and has not paid or agreed to pay any persor�, company, <br />corporation, individual, or firm, other than a bona fide employee, any fee, <br />comrnission, percentage, gift, or other consideration contingent upon or resulting <br />from the award or the making of this �ntract. <br />c. The BoRROwER warrants that the Pledged Revenues and collateral far this loan <br />are not encumbered by any other deeds of trust or liens of any party other than the <br />CWCB or in any other manner, except for any existing lien(s) identified in Section 5 <br />(Schedule of Existing Debt) of the Project Summary, which sets forth the position <br />of the lien created by this contract in relation to any existing lien(s). <br />12. Remedies For Default. Upon default in the payments to be made by th� BoRROwER <br />under this contract, or default in the performance of any covenant or agreement <br />contained herein, the CWCB, at its option, may: <br />a. suspend this contract and withMold further loan disbursemen#s pending corrective <br />action by the BoRROwER, and if the BoRROw�R does not cure the default as provided <br />for below, permanently cease loan disbursements and deem the PROJECT <br />substantially complete; <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 />c. take any other appropriate action. <br />The CWCB shall provide written notice to the BoRROwEa of any such default and shall <br />give the BoRROVV�R an opportunity to cure within thirty (30) days of receipt of such <br />notice. Atl remedies described herein may be simultaneously or selectively and <br />successively enforced. Th� CWCB may enforce the provisions of this contract at its <br />option without regard to prior waivers of previous defaults by the BoRROr►vER, through <br />judicial proceedings to require specific performance of this contract, or by such other <br />proceeclings in law or equity as may be deemed necessary by the CWCB to ensure <br />compliance with provisions o# 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 described <br />herein shall not relieve the BoRROVUER of any of its duties and obligations under this <br />contract. <br />13. OPERATION OF PROJECT. The BoRROVV�R shall, without expense or fegal liability to the <br />CWCB, manage, operate and maintain the PRO�ECT continuously in an efficient and <br />economical manner. <br />14. BORROWER's Liability tnsurance. <br />a. Because the BoRROVUER is a"public entity" within the meaning of the Colorado <br />Governmental Immunity Act, CRS 24-10-101, et sea•, as amended ("Act"), the <br />BoRROV►�R 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 />b. Prior to the disbursement of any loan funds, the BoRROwER shall provide the CWCB <br />Page 5 of 10 <br />