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<br /> Director prior to the issuance of any additional debt.
<br /> f. Annual Statement of Debt Coverage. Each year during the term of this contract, the
<br /> BORROWER shall submit to the CWCB an annual audit report and a certificate of debt
<br /> service coverage from a Certified Public Accountant.
<br /> 7. Collateral. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage,
<br /> pledge, encumber, or otherwise dispose of the collateral for this loan, including the
<br /> Pledged Revenues, so long as any of the principal, accrued interest, and late charges, if
<br /> any, on this loan remain unpaid, without the prior writte s • r -nce of the CWCB. In
<br /> the event of any such sale, transfer or encumbran. ',1 • CWCB's written
<br /> concurrence, the CWCB may at any time thereafter dec . - nding principal,
<br /> interest, and late charges, if any, on this loan imm i I d and payable.
<br /> 8. Release After Loan Is Repaid. Upon complete r a m t t W of the entire
<br /> principal, all accrued interest, and late charges, if any, as specifi r. issory Note,
<br /> the CWCB agrees to release and terminate any and all of the CWCB's right, title, and
<br /> interest in and to the collateral and the Pledged Property pledged to repay this loan.
<br /> 9. Warranties.
<br /> a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms
<br /> of this contract and by the BORROWER'S representation herein, the BORROWER shall be
<br /> estopped from asserting for any reason that it is not authorized or obligated to repay the
<br /> loan money to the CWCB as required by this contract.
<br /> b. The BORROWER warrants that it has not employed or retained any company or person,
<br /> other than a bona fide employee working solely for the BORROWER, to solicit or secure
<br /> 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 property identified in the Collateral Provisions of this
<br /> contract is not encumbered by any other deeds of trust to or liens of any party other
<br /> than the CWCB or in any other manner.
<br /> 10. Remedies For Default. Upon default in the payments to be made by the BORROWER under
<br /> this contract, or if the BORROWER fails to comply with any provision of this contract, 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. 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 to, the
<br /> Promissory Note and/or Security Agreement; and/or
<br /> Page 4 of 11 Loan Contract
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