Laserfiche WebLink
not apply to CWCB Loan Contract #C150352 and CWCB Loan Contract <br /> #C150353 entered into on the date hereof and secured by the Pledged revenue <br /> on a parity with this loan. <br /> g. Annual Statement of Debt Coverage. Each year during the term of this <br /> CONTRACT, the BORROWER shall submit to the CWCB an annual audit report and a <br /> certificate of debt service coverage from a Certified Public Accountant. <br /> 8. Pledged Revenues During Loan Repayment. The BORROWER shall not sell, convey, <br /> assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the <br /> PLEDGED REVENUES, so long as any of the principal, accrued interest, and late <br /> charges, if any, on this loan remain unpaid, without the prior written concurrence of <br /> the CWCB. <br /> 9. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire <br /> principal, 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 interest in and to the PLEDGED REVENUES. <br /> 10. Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT and <br /> by its representations herein, the BORROWER shall be estopped from asserting for <br /> 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 PLEDGED REVENUES and COLLATERAL for this <br /> loan are not encumbered by any other deeds of trust or liens of any party other <br /> than the CWCB or in any other manner, except for any existing lien(s) identified in <br /> Section 5 (Schedule of Existing Debt) of the PROJECT SUMMARY, which sets forth <br /> the position of the lien created by this CONTRACT in relation to any existing lien(s). <br /> 11. 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. exercise its rights under any appendices to this CONTRACT, including, but not limited <br /> Loan Contract C150393 <br /> Page 5 of 12 <br />