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14- Change of Ownership of Water Shares during Term of Contract. If the interest <br /> rate for this loan is based on the CWCB's agricultural or blended agricultural and <br /> municipal and/or commercial and/or industrial rates, the BORROWER agrees to notify the <br /> CWCB of any change of the ownership of the water rights represented by its shares from <br /> irrigation to municipal or commercial or industrial use. The interest rate shall be <br /> revised when said change in ownership would increase the original interest rate by 0.5% <br /> or more. The parties shall amend this CONTRACT including a revised PROMISSORY NOTE, to <br /> effect said change in interest rate. <br /> 15. 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 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 (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 /> 16. 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 /> 17. 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 $i,000,000 <br /> Page 7 of 14 <br />