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this Section, all requirements of the Resolution Statutes shall apply including, without <br /> limitation, time limitations, regardless of whether this Contract is subject to the <br /> Colorado Procurement Code. <br /> ii. Resolution of Controversies Not Regarding 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, the CWCB <br /> will submit the dispute to the board for review, who will determine a resolution to the <br /> dispute. <br /> 19. REMEDIES <br /> A. State's Remedies <br /> i. Loan Default Remedies <br /> Upon default in the payments to be made by the Borrower under this Contract,or default <br /> in the performance of any covenant or agreement contained herein, the CWCB, at its <br /> option,may do any of the following: <br /> a. Suspend this Contract and withhold further loan disbursements pending corrective <br /> action by the Borrower and if the Borrower does not cure the default as provided <br /> 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, Security Agreement, and/or any instrument <br /> securing pledged revenues. <br /> d. Take any other action deemed appropriate by the CWCB. <br /> The CWCB shall provide written notice to the Borrower of any such default and shall <br /> give the Borrower an opportunity to cure within sixty(60)days of receipt of such notice. <br /> All remedies described herein may be simultaneously or selectively and successively <br /> enforced. The CWCB may enforce the provisions of this Contract at its option without <br /> regard to prior waivers of previous defaults by the Borrower, through judicial <br /> proceedings to require specific performance of this Contract, or by such other <br /> proceedings in law or equity as may be deemed necessary by the CWCB to ensure <br /> compliance with provisions of this Contract and the laws and regulations under which <br /> this Contract is executed. The CWCB's exercise of any or all of the remedies described <br /> herein shall not relieve the Borrower of any of its duties and obligations under this <br /> Contract. <br /> B. Borrower's Remedies <br /> If the State is in breach of any provision of this Contract and does not cure such breach, <br /> Borrower, following the notice and cure period in §22.B., and the dispute resolution process <br /> in §18., shall have all remedies available at law and equity. <br /> Page 9 of 15 <br /> Contract Number:CT2019-366 <br />