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15. RELEASE AFTER LOAN IS REPAID <br /> Upon complete repayment to the CWCB of the entire principal, all accrued interest, and late <br /> charges, if any, as specified in the Promissory Note, the CWCB agrees to release and terminate <br /> any and all of the CWCB's right,title,and interest in and to the Pledged Revenues. <br /> 16. WARRANTIES <br /> A. The Borrower warrants that, by acceptance of the loan under this Contract and by its <br /> representations herein,the Borrower shall be estopped from asserting for any reason that it is <br /> not authorized or obligated to repay the loan to the CWCB as required by this Contract. <br /> B. The Borrower warrants that it has not employed or retained any company or person, other <br /> than a bona fide employee working solely for the Borrower,to solicit or secure this Contract <br /> and has not paid or agreed to pay any person,company,corporation,individual,or firm,other <br /> than a bona fide employee, any fee, commission, percentage, gift, or other consideration <br /> contingent upon or resulting from the award or the making of this Contract. <br /> C. The Borrower warrants that the Pledged Revenues for this loan are not encumbered by any <br /> other deeds of trust or liens of any party other than the CWCB or in any other manner,except <br /> for the Existing Parity Loans which sets forth the position of the lien created by this Contract <br /> in relation to any existing lien(s). Documentation establishing the relative priorities of said <br /> liens, if necessary, is attached to the Project Summary and incorporated herein. <br /> 17. OPERATION OF PROJECT <br /> The Borrower shall,without expense or legal liability to the CWCB,manage,operate,and maintain <br /> the Project continuously in an efficient and economical manner. <br /> 18. DISPUTE RESOLUTION <br /> A. Initial Resolution <br /> Except as herein specifically provided otherwise,disputes concerning the performance of this <br /> Contract which cannot be resolved by the designated Contract representatives shall be <br /> referred in writing to a senior departmental management staff member designated by the State <br /> and a senior manager designated by Borrower for resolution. <br /> B. Resolution of Controversies <br /> i. Resolution of Controversies other than Loan Default <br /> For any dispute not involving Borrower's default on the Loan, if the initial resolution <br /> described in §18.A., fails to resolve the dispute within 60 Business Days, Borrower <br /> shall submit any alleged breach of this Contract by the State to the Procurement Official <br /> of the Colorado Department of Natural Resources as described in§24-101-301(30), C.R.S. <br /> for resolution in accordance with the provisions of§§24-106-109, 24-109-101.1, 24- <br /> 109-101.5,24-109-106,24-109-107, 24-109-201 through 24-109-206,and 24-109-501 <br /> through 24-109-505,C.R.S.,(the"Resolution Statutes"),except that if Borrower wishes <br /> to challenge any decision rendered by the Procurement Official, Borrower's challenge <br /> shall be an appeal to the executive director of the Department of Personnel and <br /> Administration, or their delegate, under the Resolution Statutes before Borrower <br /> pursues any further action as permitted by such statutes. Except as otherwise stated in <br /> Page 8 of 15 <br /> Contract Number:CT2019-366 <br />