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<br />, '. <br /> <br />prior to the closing date of any such sale. The BORROWER agrees to apply the <br />proceeds of any such sale to reduce the outstanding balance of this loan. <br /> <br />9. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire <br />principal, all accrued interest, and late charges, if any, as specified in the Promissory <br />Note, the CWCB agrees to release and terminate any and all of the CWCB's right, title, <br />and interest in and to the revenues pledged to repay this loan. <br /> <br />10. Warranties. <br /> <br />a. The BORROWER warrants that the Pledged Revenues for this loan are not <br />encumbered by any other deeds of trust or liens of any party other than the CWCB <br />or in any other manner, except for any pre-existing lien(s) identified in Section 5 <br />(Schedule of Existing Debt) of the Project Summary, which sets forth the position <br />of the lien created by this contract in relation to any pre-existing Iien(s). <br />Documentation establishing the relative priorities of said liens, if necessary, is <br />attached to the Project Summary and incorporated herein. <br /> <br />b. The BORROWER warrants that, by acceptance of the loan under this contract and by <br />its representations herein, the BORRQWER shall be estopped from asserting for any <br />reason that it is not authorized or obligated to repay the loan to the CWCB as <br />required by this contract. <br /> <br />c. The BORROWER warrants that it has not employed or retained any company or <br />person, other than a bona fide employee working solely for the BORROWER, to <br />solicit or secure this contract and has not paid or agreed to pay any person, <br />company, corporation, individual, or firm, other than a bona fide employee, any fee, <br />commission, percentage, gift, or other consideration contingent upon or resulting <br />from the award or the making of this contract. <br /> <br />d. The BORROWER warrants that it will not use any of the loan funds received under <br />this contract to finance the purchase of an interest in the plan for augmentation <br />applied for in Case No. 97CW305. <br /> <br />11. Remedies For Default. Upon default in the payments to be made by the BORROWER <br />under this contract, or default in the performance of any covenant or agreement <br />contained herein, the CWCB, at its option, may: <br /> <br />a. prior to substantial completion of the PROJECT, suspend this contract and withhold <br />further loan disbursements pending corrective action by the BORROWER, and if the <br />BORROWER does not cure the default as provided for below, permanently cease loan <br />disbursements and deem the PROJECT 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 any instrument securing collateral; <br />and/or <br /> <br />Page 4 of 9 <br />