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debt service coverage from a Certified Public Accountant.
<br /> 9. Pledged Revenues During Loan Repayment. The BORROWER shall not sell, convey,
<br /> assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the
<br /> PLEDGED REVENUES, so long as any of the principal, accrued interest, and late charges,
<br /> if any, on this loan remain unpaid, without the prior written concurrence of the CWCB.
<br /> 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, title,
<br /> 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 and by its
<br /> representations herein, the BORROWER shall be estopped from asserting for any reason
<br /> that 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,
<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 PLEDGED REVENUES are not encumbered by any
<br /> other deeds of trust or liens of any party other than the CWCB or in any other manner,
<br /> except for any existing lien(s) identified in Section 5 (Schedule of Existing Debt) of the
<br /> PROJECT SUMMARY, which sets forth the position of the lien created by this CONTRACT in
<br /> relation to any existing lien(s).
<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 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
<br /> c. take any other appropriate action.
<br /> The CWCB shall provide written notice to the BORROWER of any such default and shall give
<br /> the BORROWER an opportunity to cure within thirty (30) days of receipt of such notice. All
<br /> remedies described herein may be simultaneously or selectively and successively enforced.
<br /> The CWCB may enforce the provisions of this CONTRACT at its option without regard to prior
<br /> waivers of previous defaults by the BORROWER, through judicial proceedings to require
<br /> specific performance of this CONTRACT, or by such other proceedings in law or equity as may
<br /> be deemed necessary by the CWCB to ensure compliance with provisions of this CONTRACT
<br /> and the laws and regulations under which this CONTRACT is executed. The CWCB's exercise
<br /> of any or all of the remedies described herein shall not relieve the BORROWER of any of its
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