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<br />" ,
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<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.
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<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 and/or commercial and/or industrial rates, the BORROWER agrees to notify the
<br />STATE of any change of the ownership of the water rights represented by its shares
<br />from irrigation to municipal or commercial or industrial use, The interest rate shall be
<br />revised when said rate would increase the original interest rate by 0,5% or more, In
<br />such case, the parties shall amend this Contract, the BORROWER shall issue a revised
<br />promissory note, and the original Promissory Note shall be canceled and returned to
<br />the BORROWER, to effect said change in interest rate,
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<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:
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<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;
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<br />b, declare the entire principal amount, accrued interest, and late charges, if any, then
<br />outstanding immediately due and payable;
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<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
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<br />d, take any other appropriate action.
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<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
<br />notice, All remedies described herein may be simultaneously or selectively and
<br />successively enforced. The CWCB may enforce the provisions of this contract at its
<br />option without regard to prior waivers of previous defaults by the BORROWER, through
<br />judicial proceedings to require specific performance of this contract, or by such other
<br />proceedings in law or equity as may be deemed necessary by the CWCB to ensure
<br />compliance with provisions of this contract and the laws and regulations under which this
<br />contract is executed, The CWCB's exercise of any or all of the remedies described
<br />herein shall not relieve the BORROWER of any of its duties and obligations under this
<br />contract.
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<br />12. BORROWER'S Indemnification Of The CWCB, The BORROWER agrees to indemnify and
<br />hold the CWCB harmless from any liability incurred by the CWCB as a result of the
<br />cwes's interest in the PROJECT facilities and any other property identified in Section 4
<br />(Collateral) of the Project Summary,
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<br />13. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the
<br />CWeB, manage, operate, and maintain the PROJECT continuously in an efficient and
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<br />Page 4 of9
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<br />Upper Platte and Beaver Creek Canal Co,
<br />
<br />Loan Contract
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