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by this 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 /> 13. 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 6greement <br /> contained herein, the CWCB, at its option, may: <br /> a. suspend this CONTRACT and withhold further loan disbursements pendingcorrective <br /> action by the BORROWER, and if the BORROWER does not cure the default as p ovided for <br /> below, permanently cease loan disbursements and deem the PROJECT s bstantially <br /> complete; <br /> b. exercise its rights under any appendices to this CONTRACT, including, but not limited to, <br /> the 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 sLccessively <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 proceeding 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. 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 or <br /> self-insurance as is necessary to meet its liabilities under the Act. <br /> Page 6 of 13 <br />