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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 herein, <br /> 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 <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 (3o) 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 <br /> 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 insurance, <br /> with a company that is satisfactory to the CWCB, with minimum limits of $1,000,000 <br /> combined single limit for each occurrence and $2,000,000 general aggregate, including <br /> products/completed operations and personal injury. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB with <br /> an Acord Form 25 evidencing said insurance and shall provide the CWCB with <br /> documentation of renewals of said insurance. <br /> 16. Additional Contract Requirements.Any additional contract requirements are set forth <br /> in, Section 7 of Appendix 1. <br /> Pagel of 14 <br />