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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 the <br /> CWCB, manage, operate and maintain the PROJECT continuously in an efficient and <br /> economical manner. <br /> 14. Borrower's Liability Insurance. Because the BORROWER is a "public entity" within <br /> the meaning of the Colorado Governmental Immunity Act, CRS 24-10-101, et seq., as <br /> amended ("Act"), the BORROWER shall at all time maintain such liability insurance, by <br /> commercial policy or self-insurance as is necessary to meet its liabilities under the Act. <br /> 15.Additional Contract Requirements. Any additional CONTRACT requirements are set <br /> forth in Additional Conditions & Contract Requirements (Section 7) of the PROJECT <br /> SUMMARY. <br /> 16.CWCB agrees that it is a political subdivision and that the obligations of the <br /> Borrower hereunder are not and will not be specifically pledged by CWCB as <br /> security or collateral for an issuance of securities by CWCB. <br /> B. PROJECT PROVISIONS <br /> 1. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for <br /> loan disbursements are listed in Eligible Expenses (Section 8) of the PROJECT <br /> SUMMARY. The BORROWER shall pay all of the expenses related to the Project when <br /> such bills are due. <br /> 2. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br /> Disbursement Schedule (Section 9) of the PROJECT SUMMARY. <br /> 3. Time for Performance. The BORROWER recognizes that time is of the essence in the <br /> performance of all of its obligations under this CONTRACT. Therefore, the BORROWER <br /> shall complete the PROJECT within the time specified in Time for Performance (Section <br /> 10) of the PROJECT SUMMARY. <br /> C. GENERAL PROVISIONS <br /> 1. Periodic Inspections. Throughout the term of this CONTRACT, the BORROWER shall <br /> permit a designated representative of the CWCB to make periodic inspections of the <br /> PROJECT. Such inspections shall cover the condition of the PROJECT, operating <br /> records, maintenance records, and financial records. These inspections are solely for <br /> {00466510.DOCX/} <br /> Page 6 of 12 <br />