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position of the lien created by this CONTRACT in relation to any existing lien(s). <br /> Documentation establishing the relative priorities of said liens, if necessary, is attached <br /> to the PROJECT SUMMARY and incorporated herein. <br /> 12. Change of Ownership of Water Shares during Term of Contract. If the interest rate <br /> for this loan is based on the CWCB's agricultural or blended agricultural and municipal <br /> and/or commercial and/or industrial rates, the BORROWER agrees to notify the CWCB of <br /> any change of the ownership of the water rights represented by its shares from irrigation <br /> to municipal or commercial or industrial use. The interest rate shall be revised when said <br /> change in ownership would increase the original interest rate by 0.5% or more. The <br /> parties shall amend this CONTRACT including a revised PROMISSORY NOTE, to effect said <br /> change in interest rate. <br /> 13. Remedies for Default. Upon default in the payments to be made by the BORROWER under <br /> this CONTRACT, or default in the performance of any covenant or agreement contained <br /> herein, the CWCB, at its option, may: <br /> a. suspend this CONTRACT and withhold further loan disbursements pending corrective <br /> action by the BORROWER, and if the BORROWER does not cure the default as provided for <br /> below, permanently cease loan disbursements and deem the PROJECT substantially <br /> 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, <br /> the PROMISSORY NOTE, SECURITY AGREEMENT, and/or any instrument securing pledged <br /> revenues and property; and <br /> d. 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 <br /> enforced. The CWCB may enforce the provisions of this CONTRACT at its option without <br /> regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings <br /> to require specific performance of this CONTRACT, or by such other proceedings in law or <br /> equity as may be deemed necessary by the CWCB to ensure compliance with provisions <br /> of this CONTRACT and the laws and regulations under which this CONTRACT is executed. <br /> The CWCB's exercise of any or all of the remedies described herein shall not relieve the <br /> BORROWER of any of its duties and obligations under this CONTRACT. <br /> 14. 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 /> 15. BORROWER'S Liability Insurance. <br /> a. Upon execution of this CONTRACT and continuing until complete repayment of the loan is <br /> made to the CWCB, the BORROWER shall maintain commercial general liability <br /> Page 6 of 13 <br />