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CONTRACT and has not paid or agreed to pay any person, company, corporation, individual, <br /> or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other <br /> consideration contingent upon or resulting from the award or the making of this CONTRACT. <br /> c. The BORROWER warrants that the REVENUE for this loan is not encumbered by any other <br /> deeds of trust or liens of any party other than the CWCB or in any other manner, except for <br /> any existing lien(s) identified in Section 5 (Schedule of Existing Debt) of the PROJECT <br /> SUMMARY, which sets forth the position of the lien created by this CONTRACT in relation to any <br /> 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 action <br /> by the BORROWER, and if the BORROWER does not cure the default as provided for below, <br /> permanently cease loan disbursements and deem the PROJECT substantially complete; <br /> b. exercise its rights under any appendices to this CONTRACT, including, but not limited to, the <br /> 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 performance <br /> of this CONTRACT, or by such other proceedings in law or equity as may be deemed necessary by <br /> the CWCB to ensure compliance with provisions of this CONTRACT and the laws and regulations <br /> under which 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 under this <br /> 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 manner. <br /> 14.Borrower's Liability Insurance. Because the BORROWER is a "public entity" within the meaning of <br /> the Colorado Governmental Immunity Act, CRS 24-10-101, et seq., as amended ("Act"), the <br /> BORROWER shall at all time maintain such liability insurance, by commercial policy or self-insurance <br /> 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 hereunder <br /> are not and will not be specifically pledged by CWCB as security or collateral for an issuance of <br /> securities by CWCB. <br /> Loan Contract C150409C <br /> Page 5 of 12 <br />