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<br />b. The BORROWER warrants that it has not employed or retained any company or person, <br />other than a bona fide employee working solely for the BORROWER, to solicit or secure <br />this contract and has not paid or agreed to pay any person, company, corporation, <br />individual, or firm, other than a bona fide employee, any fee, commission, percentage, <br />gift, or other consideration contingent upon or resulting from the award or the making of <br />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 manner, <br />except for any pre-existing lIen(s) identified in Section 5 (Schedule of Existing Debt) of <br />the Project Summary, which sets forth the position of the lien created by this contract <br />in relation to that pre-existing lien. Documentation establishing the relative priorities of <br />said liens, if necessary, is attached to the Project Summary and incorporated herein. <br /> <br />10. Change of Ownership of Water Shares During Term of Contract. If the interest rate <br />for this loan is based on the CWCB's agricultural or blended agricultural and municipal <br />and/or commercial and/or industrial rates, the BORROWER agrees to notify the STATE of <br />any change of the ownership of the water rights represented by its shares from irrigation <br />to municipal or commercial or industrial use. The interest rate shall be revised when said <br />rate would increase the original interest rate by 0.5% or more. The parties shall amend <br />this contract, including a revised promissory note, to effect said change in interest rate. <br /> <br />11. Remedies For Default. Upon default in the payments to be made by the BORROWER under <br />this contract, or if the BORROWER fails to comply with any provision of this contract, the <br />CWCB, at its option, may: ' <br /> <br />a. suspend this contract and withhold further loan disbursements pending corrective action <br />by the BORROWER, and if the BORROWER does not cure the d'efault as provided for below, <br />permanentiy cease loan disbursements and deem the PROJECT substantially complete; <br /> <br />b. declare the entire principar 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, the <br />Promissory Note, Security Agreement, Assignment of Certificate of Deposit, and/or <br />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 give <br />the BORROWER an opportunity to cure within thirty (30) days of receipt of such notice. All <br />remedies described herein may be simultaneously or selectively and successively <br />enforced. The CWCB may enforce the provisions of this contract at its option without <br />regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings <br />to require specific performance of this contract, or by such other proceedings in law or <br />equity as may be deemed necessary by the CWCB to ensure compliance with provisions <br />of this contract and the laws and regulations under which this contract is executed. The <br />CWeB's exercise of any or all of the remedies described herein shall not relieve the <br />BORROWER of any of its duties and obligations under this contract. <br /> <br />Page 4 of 10 <br /> <br />Loan Contract <br />