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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, and/or any instrument securing <br /> 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 /> 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 <br /> loan is made to the CWCB, the BORROWER shall maintain commercial general <br /> liability insurance, with a company that is satisfactory to the CWCB, with minimum <br /> limits of $1,000,000 combined single limit for each occurrence and $2,000,000 <br /> general 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 /> Loan Contract C150379 <br /> Page 5 of 11 <br />