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other deeds of trust or liens of any party other than the CWCB or in any other <br />manner, except for any pre- existing lien(s) identified in Section 5 (Schedule of <br />Existing Debt) of the Project Summary, which sets forth the position of the lien <br />created by this contract in relation to that pre- existing lien. Documentation <br />establishing the relative priorities of said liens, if necessary, is attached to the Project <br />Summary and incorporated herein. <br />10. Change of Ownership of Water Shares During Term of Contract. If the interest <br />rate for this loan is based on the CWCB's agricultural or blended agricultural and <br />municipal and /or commercial and /or industrial rates, the BORROWER agrees to notify the <br />STATE of any change of the ownership of the water rights represented by its shares <br />from irrigation to municipal or commercial or industrial use. The interest rate shall be <br />revised when said rate would increase the original interest rate by 0.5% or more. In <br />such case, the parties shall amend this Contract, the BORROWER shall issue a revised <br />promissory note, and the original Promissory Note shall be canceled and returned to <br />the BORROWER, to effect said change in interest rate. <br />11. Remedies For Default. Upon default in the payments to be made by the BORROWER <br />under this contract, or if the BORROWER fails to comply with any provision of this contract, <br />the CWCB, at its option, may: <br />a. suspend this contract and withhold loan disbursements pending corrective <br />action by the BORROWER, and if thp ER es not cure the default as provided <br />for below, permanently ce di rs0. , is and deem the PROJECT <br />substantially complete; <br />b. declare the entire principal amount interest, and late charges, if any, then <br />outstanding immediately due an b , <br />c. exercise its rights under any ap ; ices to this contract, including, but not limited to, <br />the Promissory Note, Security Agreement, and /or Deed of Trust; 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 this <br />contract is executed. The CWCB's exercise of any or all of the remedies described <br />herein shall not relieve the BORROWER of any of its duties a d obligations under this <br />contract. <br />12. BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and <br />hold the CWCB harmless from any liability incurred by the CWCB as a result of the <br />CWCB's interest in the PROJECT facilities and any other propeity identified in Section 4 <br />(Collateral) of the Project Summary. <br />13. Operation Of PROJECT. The BORROWER shall, without expens or legal liability to the <br />CWCB, manage, operate, and maintain the PROJECT continu usly in an efficient and <br />Page 4 of 9 Upper Platte and Beaver Creek Canal Co. I Loan Contract <br />