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<br />commiSSion, percentage, gift, or other consideration contingent upon or resulting <br />from the award or the making of this contract. <br /> <br />c. The BORROWER warrants that the collateral for this loan is not encumbered by any <br />other deeds of trust or liens of any party other than the CWCB or in any other <br />manner, except for any pre-existing lien(s) identified in Section 5 (Schedule of <br />Existing Debt) of the Project Summary, which sets forth the position of the lien <br />created by this contract in relation to that pre-existing lien. Documentation <br />establishing the relative priorities of said liens, if necessary, is attached to the Project <br />Summary and incorporated herein. <br /> <br />10,Change of Ownership of Water Shares During Term of Contract. If the interest <br />rate for this loan is based on the CWCB's agricultural or blended agricultural and <br />municipal rates, the BORROWER agrees to notify the STATE of any change of the <br />ownership of the water rights represented by its shares from irrigation to municipal or <br />commercial/industrial use. The interest rate shall be revised when said rate would <br />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. <br /> <br />11, Remedies For Default. Upon default in the payments to be made by the BORROWER <br />under this contract, or if the BORROWER fails to comply with any provision of this contract, <br />the CWCB, at its option, may: <br /> <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 /> <br />b. declare the entire principal amount, accrued interest, and late charges, if any, then <br />outstanding immediately due and payable; <br /> <br />c. exercise its rights under any appendices to this contract, including, but not limited to, <br />the Promissory Note, Security Agreement, and/or Deed of Trust; and/or <br /> <br />d. take any other appropriate action. <br /> <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 thirty (30) days of receipt of such notice. <br />All remedies described herein may be simultaneously or selectively and successively <br />enforced. The CWCS 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 proceedings <br />in law or equity as may be deemed necessary by the CWCB to ensure compliance with <br />provisions of this contract and the laws and regulations under which this contract is <br />executed. The CWCS's exercise of any or all of the remedies described herein shall not <br />relieve the BORROWER of any of its duties and obligations under this contract, <br /> <br />12, BORROWER'S Indemnification Of The CWCS. The BORROWER agrees to indemnify and <br />hold the CWCS harmless from any liability incurred by the CWCS as a result of the <br />CWCS's interest in the PROJECT facilities and any other property identified in Section 4 <br />(Collateral) of the Project Summary. <br /> <br />13, Operation of PROJECT. The BORROWER shall, without expense or legal liability to the <br /> <br />Page 4 019 <br /> <br />Loan Contract <br />