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i ! <br /> prior to the closing date of any such sale. The BORROWER agrees to apply the <br /> proceeds of any such sale to reduce the outstanding balance of this loan. <br /> 9. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire <br /> principal, all accrued interest, and late charges, if any, as specified in the Promissory <br /> Note, the CWCB agrees to release and terminate any and all of the CWCB's right, title, <br /> and interest in and to the revenues pledged to repay this loan. <br /> 10. Warranties. <br /> a. The BORROWER warrants that the Pledged Revenues for this loan are not <br /> encumbered by any other deeds of trust or liens of any party other than the CWCB <br /> or in any other manner, except for any pre-existing lien(s) identified in Section 5 <br /> (Schedule of Existing Debt) of the Project Summary, which sets forth the position <br /> of the lien created by this contract in relation to any pre-existing iien(s). <br /> Documentation establishing the relative priorities of said liens, if necessary, is <br /> attached to the Project Summary and incorporated herein. <br /> b. The BORROWER warrants that, by acceptance of the loan under this contract and by <br /> its representations herein, the BORROWER shall be estopped from asserting for any <br /> reason that it is not authorized or obligated to repay the loan to the CWCB as <br /> required by this contract. <br /> c. The BORROWER warrants that it has not employed or retained any company or <br /> person, other than a bona fide employee working solely for the BORROWER, to <br /> solicit or secure this contract and has not paid or agreed to pay any person, <br /> company, corporation, individual, or firm, other than a bona fide employee, any fee, <br /> commission, percentage, gift, or other consideration contingent upon or resulting <br /> from the award or the making of this contract. <br /> d. The BORROWER warrants that it will not use any of the loan funds received under <br /> this contract to finance the purchase of an interest in the plan for augmentation <br /> applied for in Case No. 97CW305. <br /> 11. Remedies For Default. Upon default in the payments to be made by the BORROWER <br /> under this contract, or default in the performance of any covenant or agreement <br /> contained herein, the CWCB, at its option, may: <br /> a. prior to substantial completion of the PROJECT, suspend this contract and withhold <br /> further loan disbursements pending corrective action by the BORROWER, and if the <br /> BORROWER does not cure the default as provided for below, permanently cease loan <br /> disbursements and deem the PROJECT substantial c e ; <br /> b. declare the entire principal amount, accrue n I charges, if any, then <br /> outstanding immediately due and payable; <br /> c. exercise its rights under any appendi ctT i':111 <br /> din but not limited to, <br /> the Promissory Note, Security Agreem t /or; yu e uring collateral; <br /> and/or <br /> Page 4 of 9 <br />