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<br />. <br /> <br />. <br /> <br />all accrued interest, and late charges, if any, as specified in the Promissory Note, the STATE <br />agfees to release and terminate any and all of the STATE'S right, title, and interest in and to the <br />revenues pledged to repay this loan. <br /> <br />9. Warranties. <br /> <br />a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms of <br />this contract and by the BORROWER'S representation herein, the BORROWER shall be <br />estopped from asserting for any reason that it is not authorized Of obligated to repay the <br />loan money to the STATE as required by this contract. <br /> <br />b. The BORROWER wafrants 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 this <br />contract and has not paid or agreed to pay any person, company, corporation, individual, <br />or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other <br />consideration contingent upon or resulting 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 other <br />deeds of trust or liens of any party other than the CWCB or in any other manner, except <br />for the pfe-existing lien identified in Section 2 (Schedule of Existing Debt) of the Project <br />Summary, which sets forth the position of the lien created by this contract in relation to <br />that pre-existing lien. Documentation establishing the relative priorities of said liens, if <br />necessary, is attached to the Project Summary and incorporated herein, <br /> <br />10. 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 contfact, the CWCB, <br />at its option, may: <br /> <br />a. suspend this contract and withhold further loan disbufsements pending cOfrective action by <br />the BORROWER, and if the BORROWER does not cure the default as provided for below, <br />permanently cease loan 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, the <br />Promissory Note and/or Security Agreement; and/or <br /> <br />d. take any other appropriate action, <br /> <br />11. 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 enforced. <br />The CWCB may enforce the provisions of this contract at its option without regard to prior <br />waivers of previous defaults by the BORROWER, through jUdiCial proceedings to require specific <br />performance of this contract, or by such other proceedings in law or equity as may be deemed <br />necessary by the CWCB to ensure compliance with provisions of this contract and the laws <br />and regulations under which this contract is executed, The CWCB's exercise of any or all of <br />the remedies described herein shall not relieve the BORROWER of any of its duties and <br />obligations under this contract. <br /> <br />12. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or legal <br />liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient <br /> <br />Page 4 of 11 <br />