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9. Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms of <br /> this contract and by the BORROWER'S representation herein, the BORROWER shall be <br /> estopped from asserting for any reason that it is not authorized or obligated to repay the <br /> loan money to the CWCB as required by this contract. <br /> b. The BORROWER warrants that it has not employed or retained any company or person, <br /> other than a bona fide employee working solely for the BORROWER, to solicit or secure this <br /> contract and has not paid or agreed to pay any person, company, corporation, individual, <br /> or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other <br /> consideration contingent upon or resulting from the award or the making of this contract. <br /> c. The BORROWER warrants that the property identified in the Collateral Provisions of this <br /> contract is not encumbered by any other deeds of trust to or liens of any party other than <br /> the CWCB or in any other manner. <br /> 10. 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 action <br /> by the BORROWER, and if the BORROWER does not cure the default as provided for below, <br /> permanently cease loan disbursements and deem the PROJECT 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 limited to, the <br /> Promissory Note, Security Agreement, and/or Deed Of Trust, <br /> d. take any other appropriate action. <br /> The CWCB shall provide written notice to the Borrower of anyrsuch,default and shall give the <br /> Borrower an opportunity to cure within thirty (30) days of the r ceipt-of:sudi 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:opTIoTV haute eg8rd to prior <br /> waivers of previous defaults by the BORROWER, through judicial"prdce(hdirigsa to require <br /> specific performance of this contract, or by such other proceedings'in law crequity'5s 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 of <br /> any or all of the remedies described herein shall not relieve the BORROWER of any of its duties <br /> and obligations under this contract. <br /> 11. BORROWER'S Indemnification Of The CWCB. The BORROWER shall, without expense or <br /> legal liability to the CWCB, manage, operate, and maintain the PROJECT continuously in an <br /> efficient and economical manner. The BORROWER agrees to indemnify and hold the CWCB <br /> harmless from any liability incurred by the CWCB as a result of the CWCB's interest in the <br /> PROJECT facilities and any other property identified in the Section 5 (Collateral) of the Project <br /> Summary. <br /> 12. OPERATION OF PROJECT. The Borrower shall, without expense or legal liability to the CWCB, <br /> manage, operate and maintain the Project continuously in an efficient and economical <br /> manner. <br /> Town of Monument Page 4 of 9 Loan Contract <br />