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14. Remedies For Default. Upon default in the payments to be made by the 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 withhold further loan disbursements pending corrective <br /> action by the BORROWER, and if the BORROWER does not cure the default as <br /> provided for below, permanently cease loan disbursements and deem the PROJECT <br /> substantially complete; <br /> b. declare the entire principal amount, accrued interest, and late charges, if any, then <br /> outstanding immediately due and payable; <br /> c. exercise its rights under any appendices to this contract, including, but not limited to, <br /> the Promissory Note, Security Agreement, and /or any instrument securing collateral; <br /> and /or <br /> d. take any other appropriate action. <br /> The CWCB shall provide written notice to the BORROWER of any such default and shall <br /> give the BORROWER an opportunity to cure within thirty (30) days of receipt of such <br /> notice. All remedies described herein may be simultaneously or selectively and <br /> successively enforced. The CWCB may enforce the provisions of this contract at its <br /> option without regard to prior waivers of previous defaults by the BORROWER, through <br /> judicial proceedings to require specific performance of this contract, or by such other <br /> proceedings in law or equity as may be deemed necessary by the CWCB to ensure <br /> compliance with provisions of 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 <br /> described herein shall not relieve the BORROWER of any of its duties and obligations <br /> under this contract. <br /> 15. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the <br /> CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and <br /> economical manner. <br /> 16. BORROWER's Liability Insurance. <br /> a. Upon execution of this contract and continuing until complete repayment of the loan <br /> is made to the CWCB, the BORROWER shall maintain commercial general liability <br /> insurance, with a company that is satisfactory to the CWCB, with minimum limits of <br /> $1,000,000 combined single limit for each occurrence and $2,000,000 general <br /> aggregate, including products /completed operations and personal injury. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB <br /> with an Acord Form 25 evidencing said insurance and shall provide the CWCB with <br /> documentation of renewals of said insurance. <br /> 17. Additional Contract Requirements. Any additional contract requirements are set <br /> forth in Additional Contract Requirement (Section 7) of the Project Summary. <br /> Loan Contract C150306 <br /> Page 5 of 11 <br />