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12.Remedies for Default. Upon default in the payments to be made by the <br /> BORROWER under this CONTRACT, or default in the performance of any covenant or <br /> agreement contained herein, the CWCB, at its option, may: <br /> a. suspend this CONTRACT and withhold further loan disbursements pending <br /> corrective action by the BORROWER, and if the BORROWER does not cure the default <br /> as provided for below, permanently cease loan disbursements and deem the <br /> PROJECT substantially complete; <br /> b. exercise its rights under any appendices to this CONTRACT, including, but not <br /> limited to, 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 <br /> shall give the BORROWER an opportunity to cure within thirty (30) days of receipt of <br /> such notice. All remedies described herein may be simultaneously or selectively and <br /> successively enforced. The CWCB may enforce the provisions of this CONTRACT at <br /> its option without regard to prior waivers of previous defaults by the BORROWER, <br /> through judicial proceedings to require specific performance of this CONTRACT, or by <br /> such other proceedings in law or equity as may be deemed necessary by the CWCB <br /> 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 <br /> remedies described herein shall not relieve the BORROWER of any of its duties and <br /> obligations under this CONTRACT. <br /> 13.Operation of Project. The BORROWER shall, without expense or legal liability to <br /> the CWCB, manage, operate and maintain the PROJECT continuously in an efficient <br /> and economical manner. <br /> 14.Borrower's Liability Insurance. <br /> a. Because the BORROWER is a "public entity" within the meaning of the Colorado <br /> Governmental Immunity Act, CRS 24-10-101, et seq., as amended ("Act"), the <br /> BORROWER shall at all times maintain such liability insurance, by commercial policy <br /> or self-insurance as is necessary to meet its liabilities under the Act. <br /> 15.Additional Contract Requirements. Any additional CONTRACT requirements are <br /> set forth in Additional Conditions & Contract Requirements (Section 7) of the <br /> PROJECT SUMMARY. <br /> B. PROJECT PROVISIONS <br /> 1. Construction Fund Program Procedures. During the completion of the PROJECT, <br /> the BORROWER shall adhere to the CWCB Construction Fund Program Procedures <br /> (Section 8) of the PROJECT SUMMARY. <br /> 2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for <br /> loan disbursements are listed in Eligible Expenses (Section 9) of the PROJECT <br /> SUMMARY. <br /> Page 6 of 13 <br />