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bona fide employee, any fee, commission, percentage, gift, or other consideration contingent <br /> upon or resulting from the award or the making of this CONTRACT. <br /> c. The BORROWER warrants that the PLEDGED REVENUES and PLEDGED PROPERTY for this loan are <br /> not encumbered by any other deeds of trust or liens of any party other than the CWCB or in any <br /> other manner, except for any existing lien(s) identified in APPENDIX 1, PROJECT SUMMARY,SECTION <br /> 5, SCHEDULE OF EXISTING DEBT, which sets forth the position of the lien created by this CONTRACT <br /> in relation to any existing lien(s). Documentation establishing the relative priorities of said liens, <br /> if necessary, is attached to the PROJECT SUMMARY and incorporated herein. <br /> 13. Remedies for Default. Upon default in the payments to be made by the BORROWER under this <br /> CONTRACT, or default in the performance of any covenant or agreement contained herein, the CWCB, <br /> at its option, may: <br /> a. suspend this CONTRACT and withhold further loan disbursements pending corrective action by the <br /> BORROWER, and if the BORROWER does not cure the default as provided for below, permanently <br /> cease loan disbursements and deem the PROJECT substantially complete; <br /> b. declare the entire principal amount, accrued interest, and late charges, if any, then outstanding <br /> immediately due and payable; <br /> c. exercise its rights under any appendices to this CONTRACT, including, but not limited to, the <br /> PROMISSORY NOTE, SECURITY AGREEMENT, and/or any instrument securing pledged revenues and <br /> 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 the <br /> BORROWER an opportunity to cure within thirty (3o) days of receipt of such notice. All remedies <br /> described herein may be simultaneously or selectively and successively enforced. The CWCB may <br /> enforce the provisions of this CONTRACT at its option without regard to prior waivers of previous <br /> defaults by the BORROWER, through judicial proceedings to require specific performance of this <br /> CONTRACT, or by 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 under which this <br /> CONTRACT is executed. The CWCB's exercise of any or all of the remedies described herein shall not <br /> relieve the 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. Upon execution of this CONTRACT and continuing until <br /> complete repayment of the loan is made to the CWCB,the BORROWER shall maintain commercial <br /> general liability insurance, with a company that is satisfactory to the CWCB, with minimum limits of <br /> $i,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, including <br /> products/completed operations and personal injury. <br /> i6. Additional Contract Requirements. Any additional contract requirements are set forth in <br /> Additional Conditions &Contract Requirements, Section 7 of the PROJECT SUMMARY. <br /> Page 6 of 14 <br />