C-150291 PIF

• Contract/PO #: C--150291
• Contractor Name: Riverside Reservoir and Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

14. Remedies For Default. Upon default in the payments to be made by the BORROWER
under this contract, or default in the performance of any covenant or agreement
contained herein, the CWCB, at its option, may:
a. suspend this contract and withhold further loan disbursements pending corrective
action by the BORROWER, and if the BORROWER does not cure the default 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 collateral;
and/or
d. take any other appropriate action.
The CWCB shall provide written notice to the BORROWER of any such default and shall
give the BORROWER an opportunity to cure within thirty (30) 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.
15. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the
CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and
economical manner.
16. BORROWER'S Liability Insurance. lo I
a. Upon execution of this contract and continuing until complete repaymenof the loan
is made to the CWCB, the BORROWER shall maintain commercial general liability
insurance, with a company that is satisfactory to the CWCB, with minimum limits of
$1,000,000 combined single limit for each occurrence and $2,000,000 general
aggregate, including products/completed operations and personal injury.
b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB
with an Acord Form 25 evidencing said insurance and shall provide the CWCB with
documentation of renewals of said insurance.
17. Additional Contract Requirements. Any additional contract requirements are set
forth in Additional Contract Requirement (Section 7) of the Project Summary.
Loan Contract C150291
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