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attached to the Project Summary and incorporated herein. 12. 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 d02S not cure the default as provided for below, permanently cease loan disbursements and deem the PRO�ECT 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 BoRROwert 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. 13. OPERATION OF PROJECT. Th6 BORROWER Sh811 without expense or legal liability to the CWCB, manage, operate and maintain the PRO�eCr wntinuously in an efficient and economical manner. 14. BORROWER Liability Insurance. a. Upon execution of this contract and continuing until complete repayment of the loan is made to the CWCB, the BoRROweR shall maintain general liability insurance with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, including productslcompleted operations and personal injury. b. Because the BORROWER IS a"public entit�' within the meaning of the Colorado Governmental Immunity Act, CRS 24-10-101, et se ., as amended ("AcY'), the BoRROweR shall at all times maintain such liability insurance, by commercial policy or self-insurance as is necessasy to meet its 4iabifities under the Act. c. Prior to the disbursement of any loan funds, the BoRROweR shall provide the CWCB with an Acord Form 27 or other form satisfactory to the CWCB evidencing said insurance and shall provide the CWCB with documentation of renewals of said insurance. 15. Additional Contract Requirements. Any additional contract requirements are set Page 5 of 10