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6.P. - Page 13 of 13 <br />implementation shall not give rise to any warranty or representation that the GRANT SCOPE <br />and any plans or improvements are free from hazards or defects. <br />2. GRANTEE will secure adequate liability insurance, performance bond, and/or other security <br />necessary to protect the GRANTEE's and STATE'S interest against poor workmanship, fraud, <br />or other potential loss associated with completion of the grant project. <br />M. Assignability <br />Without the written consent of the STATE, the GRANTEE'S interest in and responsibilities under <br />this CONTRACT shall not be assignable by the GRANTEE either in whole or in part. <br />N. Use of Grant Monies <br />GRANTEE shall not use any grant funds (including any portion thereof) for the purpose of <br />making any leverage loan, pledge, promissory note or similar financial device or transaction, <br />without: 1) the prior written approval of the STATE; and 2) any financial or legal interests created <br />by any such leverage loan, pledge, promissory note or similar financial device or transaction in <br />the project property shall be completely subordinated to this CONTRACT through a <br />Subordination Agreement provided and approved by the STATE, signed by all parties involved <br />in the transaction, and recorded in the County Records against the fee title of the project <br />property. <br />O. Section Headings <br />The headings and captions of the various sections of this CONTRACT have been inserted only <br />for the purpose of convenience and are not a part of this CONTRACT and shall not be deemed <br />in any manner to modify, explain, or restrict any of the provisions of this CONTRACT. <br />P. Waiver <br />Any failure by a party to enforce its rights under this CONTRACT, in the event of a breach, shall <br />not be construed as a waiver of said rights; and the waiver of any breach under this CONTRACT <br />shall not be construed as a waiver of any subsequent breach. <br />GRANTEE <br />By: <br />Signature of Authorized Representative <br />Title: <br />Date: <br />STATE OF CALIFORNIA <br />DEPARTMENT OF PARKS AND RECREATION <br />By: <br />Date: <br />31 <br />222 <br />