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this CONTRACT and has not paid or agreed to pay any person, company, corporation, <br /> individual, or firm, other than a bona fide employee, any fee, commission, percentage, <br /> gift, or other consideration contingent upon or resulting from the award or the making of <br /> this CONTRACT. <br /> C. The BORROWER warrants that the PLEDGED REVENUES and COLLATERAL for this loan <br /> are not encumbered by any other deeds of trust or liens of any party other than the <br /> CWCB or in any other manner, except for any existing lien(s) identified in Section 5 <br /> (Schedule of Existing Debt) of the PROJECT SUMMARY, which sets forth the position of <br /> the lien created by this CONTRACT in relation to any existing lien(s). <br /> 12. Remedies for Default. Upon default in the payments to be made by the BORROWER under this <br /> CONTRACT, or default in the performance of any covenant or agreement contained herein, the <br /> 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 provided <br /> for below, permanently cease loan disbursements and deem the PROJECT substantially <br /> complete; <br /> b. exercise its rights under any appendices to this CONTRACT, including, but not limited to, <br /> the PROMISSORY NOTE and SECURITY AGREEMENT; and/or <br /> c. take any other appropriate action. <br /> The CWCB shall provide written notice to the BORROWER of any such default and shall give the <br /> BORROWER an opportunity to cure within thirty (30) days of receipt of such notice. All remedies <br /> described herein may be simultaneously or selectively and successively enforced. The CWCB <br /> may enforce the provisions of this CONTRACT at its option without regard to prior waivers of <br /> previous defaults by the BORROWER, through judicial proceedings to require specific <br /> performance of this CONTRACT, or by such other proceedings in law or equity as may be <br /> deemed necessary by the CWCB to ensure compliance with provisions of this CONTRACT and <br /> the laws and regulations under which this CONTRACT is executed. The CWCB's exercise of <br /> any or all of the remedies described herein shall not relieve the BORROWER of any of its duties <br /> and obligations under this CONTRACT. <br /> 13. Operation of Project. The BORROWER shall, without expense or legal liability to the CWCB, <br /> manage, operate and maintain the PROJECT continuously in an efficient and economical <br /> manner. <br /> 14. Borrower's Liability Insurance. Because the BORROWER is a "public entity" within the <br /> meaning of the Colorado Governmental Immunity Act, CRS 24-10-101, et seq., as amended <br /> ("Act"), the BORROWER shall at all time maintain such liability insurance, by commercial policy or <br /> self-insurance as is necessary to meet its liabilities under the Act. <br /> 15. Additional Contract Requirements. Any additional CONTRACT requirements are set forth in <br /> Additional Contract Requirement(Section 6) of the PROJECT SUMMARY. <br /> 16. CWCB agrees that it is a political subdivision and that the obligations of the Borrower <br /> hereunder are not and will not be specifically pledged by CWCB as security or collateral for <br /> an issuance of securities by CWCB. <br /> Loan Contract C150410C <br /> Page 5 of 12 <br />