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commission, percentage, gift, or other consideration contingent upon or resulting <br /> from the award or the making of this contract. <br /> c. The BORROWER warrants that the Pledged Revenues and collateral for this loan <br /> are not encumbered by any other deeds of trust or liens of any party other than the <br /> CWCB or in any other manner, except for any existing lien(s) identified in Section 5 <br /> (Schedule of Existing Debt) of the Project Summary, which sets forth the position <br /> of the lien created by this contract in 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 <br /> action by the BORROWER, and if the BORROWER does no. ; ,th fault as <br /> provided for below, permanently cease loan disbursements .fit'd.kte JECT <br /> substantially complete; t <br /> b. exercise its ri hts under anyappendices to this contrail, n di t. 'mited to, <br /> 9 pp <br /> the Promissory Note and Security Agreement; and/or -s ' L <br /> c. take any other appropriate action. <br /> The CWCB shall provide written notice to the BORROWER of any such default and shall <br /> give the BORROWER an opportunity to cure within thirty (30) days of receipt of such <br /> notice. All remedies described herein may be simultaneously or selectively and <br /> successively enforced. The CWCB may enforce the provisions of this contract at its <br /> option without regard to prior waivers of previous defaults by the BORROWER, through <br /> judicial proceedings to require specific performance of this contract, or by such other <br /> proceedings in law or equity as may be deemed necessary by the CWCB to ensure <br /> compliance with provisions of this contract and the laws and regulations under which <br /> this contract is executed. The CWCB's exercise of any or all of the remedies <br /> described herein shall not relieve the BORROWER of any of its duties and obligations <br /> under this contract. <br /> 13. 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 /> 14. 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 <br /> or self-insurance as is necessary to meet its liabilities under the Act. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB <br /> with an Acord Form 27 or other form satisfactory to the CWCB evidencing said <br /> insurance and shall provide the CWCB with documentation of renewals of said <br /> insurance. <br /> Page 5 of 10 <br />