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<br />insurance. <br /> <br />15. Additional Contract Requirements. Any additional contract requirements are set <br />forth in Additional Contract Requirement (Section 6) of the Project Summary. <br /> <br />B. PROJECT PROVISIONS <br /> <br />1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures <br />(Section 7) of the Project Summary. <br /> <br />2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for <br />loan disbursements are listed in Eligible Expenses (Section 8) of the Project <br />Summary. <br /> <br />3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br />Disbursement Schedule (Section 9) of the Project Summary. <br /> <br />4. Time for Performance. The BORROWER recognizes that time is of the essence in the <br />performance of all of its obligations under this contract. Therefore, the BORROWER shall <br />complete the PROJECT within the time specified in Time for Performance (Section 1 O) of <br />the Project Summary. <br /> <br />5. Indemnification By The Construction Firm. The BORROWER shall require all <br />Construction Firms and their subcontractors to indemnify the STATE and the BORROWER <br />against all liability and loss. and against all claims and actions based upon or arising <br />out of damage or injury. including death. to persons or property, caused by any acts or <br />omissions of those parties or sustained in connection with the performance of any <br />contract related to the PROJECT or by conditions created thereby, or based upon any <br />violation of any statute. ordinance. or regulation, and the defense of any such claims or <br />actions. <br /> <br />6. Liability Insurance During Construction. During construction of the PROJECT, the <br />BORROWER shall require the construction firm(s} and any subcontractors to maintain the <br />following insurance coverage in the limits shown during the term of their contracts for <br />the construction of the PROJECT. The BORROWER shall provide the CWCB with an <br />Acord Form 27 evidencing said insurance prior to commencement of construction. <br />maintained until construction is complete. and shall provide the CWCB with <br />documentation of renewals of said insurance. No payments shall be made to the <br />BORROWER unless all insurance certificates are current. <br /> <br />a. Builder's risk insurance for construction in progress for all perils of loss including fire, <br />wind. hail, and vandalism in an amount equal to the completed value of the <br />PROJECT. <br /> <br />b. Worker's compensation and employer's liability insurance in the required statutory <br />amounts. <br /> <br />c. Automobile liability insurance that includes coverage for all owned, non-owned and <br />hired vehicles with minimum limits of $1.000.000 combined single limit for bodily <br />injury and property damage. <br /> <br />Page 6 of 10 <br /> <br />