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commercial and/or industrial rates, the BoRROwER agrees to notify the STaTE of any change of <br />the ownership of the water rights represented by its shares from irrigation to municipal or <br />commercial or industrial use. The interest rate shall be revised when said rate would increase <br />the original interest rate by 0.5% or more. The parties shall amend this Contract, including a <br />revised promissory note, to effect said change in interest rate. <br />11. 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 CWCB, at its <br />option, may: <br />a. suspend this contract and withhold further loan disbursements pending corrective action by <br />the BORROWER and if the BORROWER d02S not cure the default as provided for below, <br />permanently cease loan disbursements and deem the Prto�ECr substantially complete; <br />b. declare the entire principal amount, accrued interest, and late charges, if any, then <br />outstanding immediately due and payable; <br />c. exercise its rights under any appendices to this contract, including, but not limited to, the <br />Promissory Note, Security Agreement, and/or Deed of Trust; and/or <br />d. take any other appropriate action. <br />The CWCB shall provide written notice to the BoRROWER of any such default and shall give the <br />BoRrtowER 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 iaw 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 />12. BORROWER' Indemnification Of The CWCB. The BoRROwErt 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 />PRO�ECT facilities and any other property identified in Section 4(Collaterai) of the Project <br />Summary. <br />13. Ope�ati011 Of PROJECT. ThB BORROWER Shall without expense or legal liability to the CWCB, <br />manage, operate, and maintain the PRO�ECr continuously in an efficient and economical manner. <br />14. BORROWER Liability Insurance. <br />a. Upon execution of this contract and continuing until complete repayment of the loan is made <br />to the CWCB, the BORROWER Shall maintain commercial general liability insurance with a <br />company that is satisfactory to the CWCB covering the management, operation, and <br />maintenance of the PRO�ECT with minimum limits of $1,000,000 combined single limit for each <br />occurrence and $2,000,000 general aggregate, including products/completed operations and <br />personal injury. <br />b. Said general Iiability insurance shall name the CWCB as additional insured. The BoRROwER <br />shall provide the CWCB with a certificate of said insurance and an additional insured <br />Page 4 of 9 Cedar Mesa Ditch and Reservoir Loan Contract <br />