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<br />shares from irrigation to municipal or commercial or industrial use. The interest rate <br />shall be revised when said change in ownership would increase the original interest <br />rate by 0.5% or more. The parties shall amend this contract, including a revised <br />promissory note, to effect said change in interest rate. <br /> <br />8. 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. 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 <br />provided for below, permanently cease loan disbursements and deem the PROJECT <br />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 and deed of trust; and/or <br /> <br />d. take any other appropriate action. <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 <br />this contract is executed. The CWCB's exercise of any or all of the remedies <br />described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this contract. <br /> <br />11. BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and <br />hold the CWCB harmless from any liability incurred by the CWCS as a result of the <br />CWCS's interest in the PROJECT facilities and any other property identified in Section 5 <br />(Collateral) of the Project Summary. <br /> <br />12. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the <br />CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. <br /> <br />13. BORROWER'S Liability Insurance. <br /> <br />a. Upon execution of this contract and continuing until complete repayment of the loan <br />is made to the CWCB, the BORROWER shall maintain commercial general liability <br />insurance, with a company that is satisfactory to the CWCB, with minimum limits of <br />$1,000,000 combined single limit for each occurrence and $2,000,000 general <br />aggregate, including products/completed operations and personal injury. <br />b. Prior to the disbursement of any loan funds, the BORROWER snail provide the CWCB <br />with an Acord Form 27 evidencing said insurance and shall provide the CWCB with <br /> <br />Page 3 of 8 <br />