CT2019-2848 Contract - Laserfiche WebLink

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as provided for below, permanently cease loan disbursements and deem the Project substantially complete. b. Declare the entire principal amount, accrued interest, and late charges, if any, then outstanding immediately due and payable. c. Exercise its rights under any appendices to this Contract, including, but not limited to, the Promissory Note, Security Agreement, and/or any instrument securing pledged revenues and property. d. Take any other action deemed appropriate by the CWCB. The CWCB shall provide written notice to the Borrower of any such default and shall give the Borrower an opportunity to cure within sixty (60) days of receipt of such notice. All remedies described herein may be simultaneously or selectively and successively enforced. The CWCB may enforce the provisions of this Contract at its option without regard to prior waivers of previous defaults by the Borrower, through judicial proceedings to require specific performance of this Contract, or by such other proceedings in law or equity as may be deemed necessary by the CWCB to ensure compliance with provisions of this Contract and the laws and regulations under which this Contract is executed. The CWCB's exercise of any or all of the remedies described herein shall not relieve the Borrower of any of its duties and obligations under this Contract. B. Borrower's Remedies If the State is in breach of any provision of this Contract and does not cure such breach, Borrower, following the notice and cure period in §24.B., and the dispute resolution process in §20 shall have all remedies available at law and equity. 22. INSURANCE Upon execution of this Contract and continuing until complete repayment of the loan is made to the CWCB, the Borrower shall obtain and maintain: A. General Liability Commercial general liability insurance covering premises operations, fire damage, independent contractors, products and completed operations, blanket contractual liability, personal injury, and advertising liability with minimum limits as follows: i. $1,000,000 each occurrence; ii. $1,000,000 general aggregate; iii. $1,000,000 products and completed operations aggregate; and iv. $50,000 any one fire. The Borrower shall also ensure that at all times during the Project Performance Term each Subcontractor shall obtain and maintain insurance as specified in this section All insurance policies required by this Contract shall be issued by insurance companies as approved by the State. Page 10 of 18 Contract Number:CT2019-2848