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10.Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire <br /> principal, all accrued interest, and late charges, if any, as specified in the PROMISSORY <br /> NOTE, the CWCB agrees to release and terminate any and all of the CWCB's right, <br /> title, and interest in and to the PLEDGED REVENUES. <br /> 11.Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT <br /> and by its representations herein, the BORROWER shall be estopped from <br /> asserting for any reason that it is not authorized or obligated to repay the loan <br /> to the CWCB as required by this CONTRACT. <br /> b. The BORROWER warrants that it has not employed or retained any company or <br /> person, other than a bona fide employee working solely for the BORROWER, to <br /> solicit or secure this CONTRACT and has not paid or agreed to pay any person, <br /> company, corporation, individual, or firm, other than a bona fide employee, any <br /> fee, commission, percentage, gift, or other consideration contingent upon or <br /> resulting from the award or the making of this CONTRACT. <br /> C. The BORROWER warrants that the PLEDGED REVENUES and COLLATERAL for this <br /> loan are not encumbered by any other deeds of trust or liens of any party other <br /> than the CWCB or in any other manner, except for any existing lien(s) identified <br /> in Section 5 (Schedule of Existing Debt) of the PROJECT SUMMARY, which sets <br /> forth the position of the lien created by this CONTRACT in relation to any existing <br /> lien(s). Documentation establishing the relative priorities of said liens, if <br /> necessary, is attached to the PROJECT SUMMARY and incorporated herein. <br /> 12.Remedies for Default. Upon default in the payments to be made by the BORROWER <br /> under this CONTRACT, or default in the performance of any covenant or agreement <br /> 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 <br /> default as provided for below, permanently cease loan disbursements and <br /> deem the PROJECT substantially complete; <br /> b. declare the entire principal amount, accrued interest, and late charges, if any, <br /> then outstanding immediately due and payable; <br /> c. exercise its rights under any appendices to this CONTRACT, including, but not <br /> limited to, the PROMISSORY NOTE and SECURITY AGREEMENT; and/or <br /> d. 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 /> Page 5 of 12 <br />