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all accrued interest, and late charges, if any, as specified in the Promissory Note, the STATE <br /> agrees to release and terminate any and all of the STATE'S right, title, and interest in and to the <br /> revenues pledged to repay this loan. <br /> 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 STATE 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 collateral for this loan is not encumbered by any other <br /> deeds of trust or liens of any party other than the CWCB or in any other manner, except <br /> for the pre-existing lien identified in Section 2 (Schedule of Existing Debt) of the Project <br /> Summary, which sets forth the position of the lien created by this contract in relation to <br /> that pre-existing lien. Documentation establishing the relative priorities of said liens, if <br /> necessary, is attached to the Project Summary and incorporated herein. <br /> 10. Remedies For Default. Upon default in the payments to be made by the BORROWER under <br /> this contract, or if the BORROWER fails to comply with any provision of this contract, the CWCB, <br /> at its option, may: <br /> a. suspend this contract and withhold further loan disbursements pending corrective action by <br /> 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 and/or Security Agreement; and/or <br /> ' <br /> d. take any other appropriate action. w <br /> 11. The CWCB shall provide written notice to the BOP R )W R of,any_such default and shall give <br /> the BORROWER an opportunity to cure within thirty.(3O da r of reQeii 1 ofifuch notice. All <br /> remedies described herein may be simultaneously or selebtiv l ,arid Oucc sively enforced. <br /> The CWCB may enforce the provisions of this contract at its option"Wtthd l't'regard to prior <br /> waivers of previous defaults by the BORROWER, through judicial proceedings to require specific <br /> performance of this contract, or by such other proceedings in law or equity as may be deemed <br /> necessary by the CWCB to ensure compliance with provisions of this contract and the laws <br /> and regulations under which this contract is executed. The CWCB's exercise of any or all of <br /> the remedies described herein shall not relieve the BORROWER of any of its duties and <br /> obligations under this contract. <br /> 12. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or legal <br /> liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient <br /> Page 4 of 11 <br />