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any reason that it is not authorized or obligated to repay the loan to the CWCB as <br /> required by this CONTRACT. <br /> b. The BORROWER warrants that it has not employed or retained any company or <br /> person, 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 /> company, corporation, individual, or firm, other than a bona fide employee, any fee, <br /> commission, percentage, gift, or other consideration contingent upon or resulting <br /> from the award or the making of this CONTRACT. <br /> c. The BORROWER warrants that the COLLATERAL for this loan is not encumbered by <br /> any other deeds of trust or liens of any party other than the CWCB or in any other <br /> manner, except for any existing lien(s) identified in Section 5 (Schedule of Existing <br /> Debt) of the PROJECT SUMMARY, which sets forth the position of the lien created by <br /> this CONTRACT in relation to any existing lien(s). Documentation establishing the <br /> relative priorities of said liens, if necessary, is attached to the PROJECT SUMMARY <br /> and incorporated herein. <br /> 13. 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 <br /> the CWCB of any change of the ownership of the water rights represented by its <br /> shares from irrigation to municipal or commercial or industrial use. The interest rate <br /> shall be revised when said change in ownership would increase the original interest <br /> rate by 0.5% or more. The parties shall amend this CONTRACT, including a revised <br /> PROMISSORY NOTE, to effect said change in interest rate. <br /> 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 <br /> to, the PROMISSORY NOTE, SECURITY AGREEMENT(S), DEED(S) OF TRUST and/or any <br /> instrument securing COLLATERAL; 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 /> Loan Contract C150363 <br /> Page 4 of 11 <br />