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<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 />15. 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 />16. 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 /> <br />b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB <br />with an Acord Form 25 evidencing said insurance and shall provide the CWCB with <br />documentation of renewals of said insurance. <br /> <br />17. Additional Contract Requirements. Any additional contract requirements are set <br />forth in Additional Contract Requirement (Section 7) 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 8), 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 9) of the Project <br />Summary. <br /> <br />3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br />Disbursement Schedule (Section 10) 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 11) 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 /> <br />Loan Contract C150220 <br />Page 5 of 11 <br />