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municipal or commercial or industrial use. The interest rate shall be revised when said change in <br /> ownership would increase the original interest rate by 0.5% or more. The parties shall amend this <br /> Contract including a revised Promissory Note, to effect said change in interest rate. <br /> 19. OPERATION OF PROJECT <br /> The Borrower shall, without expense or legal liability to the CWCB, manage, operate, and <br /> maintain the Project continuously in an efficient and economical manner. <br /> 20. DISPUTE RESOLUTION <br /> A. Initial Resolution <br /> Except as herein specifically provided otherwise, disputes concerning the performance of <br /> this 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 <br /> State 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 §20.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 <br /> Official of the Colorado Department of Natural Resources as described in §24-101- <br /> 301(30), C.R.S. for resolution in accordance with the provisions of§§24-106-109, 24- <br /> 109-101.1, 24-109-101.5, 24-109-106, 24-109-107, 24-109-201 through 24-109-206, <br /> and 24-109-501 through 24-109-505, C.R.S., (the "Resolution Statutes"), except that <br /> if Borrower wishes to challenge any decision rendered by the Procurement Official, <br /> Borrower's challenge shall be an appeal to the executive director of the Department of <br /> Personnel and Administration, or their delegate, under the Resolution Statutes before <br /> Borrower pursues any further action as permitted by such statutes. Except as <br /> otherwise stated in this Section, all requirements of the Resolution Statutes shall apply <br /> including, without limitation, time limitations, regardless of whether this Contract is <br /> subject to the 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 §20., fails to resolve the dispute within 60 Business Days, the CWCB <br /> will submit the dispute to the CWCB board for review, who will determine a <br /> resolution to the dispute. <br /> 21. 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 <br /> default in the performance of any covenant or agreement contained herein, the <br /> CWCB, at its option,may do any of the following: <br /> a. Suspend this Contract and withhold further loan disbursements pending <br /> corrective action by the Borrower and if the Borrower does not cure the default <br /> Page 9 of 18 <br /> Contract Number:CT2019-2848 <br />