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Proje4t Summary, and secured by the instrument(s) attached hereto as Appendix 5
<br />and in oroorated herein.
<br />10. Colla ral During Loan Repayment. The BORROWER shall not sell, convey, assign,
<br />grant, ransfer, mortgage, pledge, encumber, or otherwise dispose of the Collateral or
<br />the P dged Property so long as any of the principal, accrued interest, and late
<br />charg s, if any, on this loan remain unpaid, without the prior written concurrence of
<br />the C CB. In the event of any such sale, transfer or encumbrance without the
<br />CWC 's written concurrence, the CWCB may at any time thereafter declare all
<br />outsta ding principal, interest, and late charges, if any, on this loan immediately due
<br />and P vable.
<br />11. Relea a After Loan Is Repaid. Upon complete repayment to the CWCB of the entire
<br />princi I, all accrued interest, and late charges, if any, as specified in the Promissory
<br />Note, a CWCB agrees to release and terminate any and all of the CWCB's right, title,
<br />and in Brest in and to the Collateral and the Pledged Property.
<br />12. Warrahties.
<br />a. T1 e BORROWER warrants that, by acceptance of the loan under this contract and by
<br />its representations herein, the BORROWER shall be estopped from asserting for any
<br />re 3son that it is not authorized or obligated to repay the loan to the CWCB as
<br />re luired by this contract.
<br />b. T e BORROWER warrants that it has not employed or retained any company or
<br />p rson, other than a bona fide employee working solely for the BORROWER, to
<br />s icit or secure this contract and has not paid or agreed to pay any person,
<br />pang, corporation, individual, or firm, other than a bona fide employee, any fee,
<br />ccrnmission, percentage, gift, or other consideration contingent upon or resulting
<br />fr m the award or the making of this contract.
<br />c. T e BORROWER warrants that the Pledged Property and Collateral for this loan
<br />ar 3 not encumbered by any other deeds of trust or liens of any party other than the
<br />C VCB or in any other manner, except for any existing lien(s) identified in Section 5
<br />( hedule 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). Documentation
<br />e ablishing the relative priorities of said liens, if necessary, is attached to the
<br />P1 Ject Summary and incorporated herein.
<br />13. Chan a of Ownership of Water Shares During Term of Contract. If the interest
<br />rate # r this loan is based on the CWCB's agricultural or blended agricultural and
<br />munic al and/or commercial and /or industrial rates, the BORROWER agrees to notify
<br />the C CB of any change of the ownership of the water rights represented by its
<br />shareE from irrigation to municipal or commercial or industrial use. The interest rate
<br />shall t a revised when said change in ownership would increase the original interest
<br />rate bl 0.5% or more. The parties shall amend this contract, including a revised
<br />promiE sory note, to effect said change in interest rate.
<br />14.
<br />M
<br />For Default. Upon default in the payments to be made by the BORROWER
<br />Loan Contract C150318
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