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<br />. <br /> <br />. <br /> <br /> <br />", <br /> <br />representations herein, the BORROWER shall be estopped from asserting for any reason that <br />it is not authorized or obligated to repay the loan to the CWCB as required by this contract. <br /> <br />b. The BORROWER warrants that it has not employed or retained any company or person, other <br />than a bona fide employee working solely for the BORROWER, to solicit or secure this contract <br />and has not paid or agreed to pay any person, company, corporation, individual, or firm, other <br />than a bona fide employee, any fee, commission, percentage, gift, or other consideration <br />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. <br /> <br />11, Change of Use of Water Shares During Term of Contract. If the interest rate for this loan is <br />based on the eWCB's agricultural or blended agricultural and municipal rates, the BORROWER <br />agrees to notify the CWCB of any change of the use of the water rights represented by its <br />shares from irrigation to municipal or commercial use. The interest rate shall be revised when <br />the blend of the agricultural rate and the municipal/commercial rate increases the original <br />interest 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 in accordance with Paragraph A.4 herein. <br /> <br />12. Remedies For Default. Upon default in the payments to be made by the BORROWER under this <br />contract, or if the BORROWER fails to comply with any provision of this contract, the eWCB, at its <br />option, may: ' <br /> <br />a, suspend this contract and withhold further loan disbursements pending corrective 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, Security Agreement, Assignment of Deposit Account as Security, 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 the <br />BORROWER an opportunity to cure within thirty (30) days of receipt of such notice. All remedies <br />described herein may be simultaneously or selectively and successively enforced. The CWCB <br />may enforce the provisions of this contract at its option without regard to prior waivers of previous <br />defaults by the BORROWER, through judicial proceedings to require specific performance of this <br />contract, or by such other proceedings in law or equity as may be deemed necessary by the <br />CWCB to ensure compliance with provisions of this contract and the laws and regulations under <br />which this 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 contract. <br /> <br />13. BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and hold the <br />CWCB harmless from any liability incurred by the CWCB as a result of the CWCB's interest in the <br />PROJECT facilities and any other property identified in Section 5 (Collateral) of the Project <br />Summary. <br /> <br />14. OPERATION OF PROJECT. The BORROWER shall, without expense or legal liability to the CWCB, <br /> <br /> <br />Page 4 of 12 <br /> <br />- --- <br />