Laserfiche WebLink
to release and terminate any and all of the CWCB's right, title, and interest in and to the PLEDGED <br /> REVENUES. <br /> 11.Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT and by its <br /> representations herein, the BORROWER shall be estopped from asserting for any reason that <br /> it is not authorized or obligated to repay the loan to the CWCB as required by this <br /> CONTRACT. <br /> b. The BORROWER warrants that it has not employed or retained any company or person, other <br /> than a bona fide employee working solely for the BORROWER, to solicit or secure this <br /> 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 PLEDGED REVENUES and COLLATERAL for this loan are not <br /> encumbered by any other deeds of trust or liens of any party other than the CWCB or in any <br /> other 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 this <br /> 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 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 /> Loan Contract C150408C <br /> Page 5 of 12 <br />