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a. suspend this CONTRACT and withhold further loan disbursements pending <br /> corrective action by the BORROWER, and if the BORROWER does not cure the default as <br /> provided for below, permanently cease loan disbursements and deem the PROJECT <br /> substantially 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 <br /> limited to, the PROMISSORY NOTE and DEED OF TRUST securing the pledged 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 sixty (6o) 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 <br /> prior waivers of previous defaults by the BORROWER, through judicial proceedings to <br /> require specific performance of this CONTRACT, or by such other proceedings in law or <br /> equity as may be deemed necessary by the CWCB to ensure compliance with provisions of <br /> this CONTRACT and the laws and regulations under which this CONTRACT is executed. The <br /> 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 /> 15. 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 has an AM Best rating of A-VIII or better written on an Insurance <br /> Services Office occurrence form (Acord25), with minimum limits of $i,000,000 for each <br /> occurrence and $i,000,000 general aggregate, including products/completed operations <br /> aggregate and personal injury. <br /> b. Prior to the disbursement of any Joan funds, the BORROWER shall provide the CWCB with <br /> evidence of said insurance and shall provide the CWCB with documentation of renewals of <br /> said insurance, by listing CWCB as a certificate holder. <br /> c. At any time, during the term of this CONTRACT and upon request by CWCB, BORROWER <br /> shall supply CWCB with evidence satisfactory to CWCB of compliance of the insurance <br /> requirements. <br /> d. The BORROWER shall require the construction contractor and any subcontractors, meaning <br /> any third party engaged by BORROWER to aid in the performance of the PROJECT, to <br /> maintain the following insurance coverage, in the limits shown, during the term of their <br /> contracts and until the PROJECT is complete. CWCB may request proof of construction <br /> contractor's and subcontractor's insurance during the term of the PROJECT. <br /> Page 8 of u} <br />