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<br />and
<br />al. The collateral for this loan is described in Section 6 (Collateral) of the
<br />Summary, and secured by the instrument(s) attached hereto as Appendix 5
<br />iendix 6 and incorporated herein.
<br />10. Coll teral During Loan Repayment. The BORROWER shall not sell, convey, assign,
<br />gran transfer, mortgage, pledge, encumber, or otherwise dispose of the Collateral or
<br />the ledged Property so long as any of the principal, accrued interest, and late
<br />cha es, if any, on this loan remain unpaid, without the prior written concurrence of
<br />the WCB. In the event of any such sale, transfer or encumbrance without the
<br />CW 's written concurrence, the CWCB may at any time thereafter declare all
<br />outst nding principal, interest, and late charges, if any, on this loan immediately due
<br />and avable.
<br />11. Relog se After Loan Is Repaid. Upon complete repayment to the CWCB of the entire
<br />princi al, all accrued interest, and late charges, if any, as specified in the Promissory
<br />Note, the CWCB agrees to release and terminate any and all of the CWCB's right, title,
<br />and ir terest in and to the Collateral and the Pledged Property.
<br />12.
<br />a. a BORROWER warrants that, by acceptance of the loan under this contract and by
<br />it representations herein, the BORROWER shall be estopped from asserting for any
<br />r ason that it is not authorized or obligated to repay the loan to the CWCB as
<br />r quired by this contract.
<br />b. T ie 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 />solicit or secure this contract and has not paid or agreed to pay any person,
<br />mpany, corporation, individual, or firm, other than a bona fide employee, any fee,
<br />4mmission, percentage, gift, or other consideration contingent upon or resulting
<br />f m the award or the making of this contract.
<br />c. T ie BORROWER warrants that the Pledged Property and Collateral for this loan
<br />a e not encumbered by any other deeds of trust or liens of any party other than the
<br />CB or in any other manner, except for any existing lien(s) identified in Section 5
<br />( chedule of Existing Debt) of the Project Summary, which sets forth the position
<br />* the lien created by this contract in relation to any existing lien(s). Documentation
<br />e tablishing the relative priorities of said liens, if necessary, is attached to the
<br />Pi Summary and incorporated herein.
<br />13. Chan a of Ownership of Water Shares During Tenn of Contract. If the interest
<br />rate f r this loan is based on the CWCB's agricultural or blended agricultural and
<br />munic pal 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 />share from irrigation to municipal or commercial or industrial use. The interest rate
<br />shall a revised when said change in ownership would increase the original interest
<br />rate 0.5% or more. The parties shall amend this contract, including a revised
<br />promi sory note, to effect said change in interest rate.
<br />Loan Contract C150273
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