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e e 6. Liability Insurance During Construction. The BORROWER shall require the Construction Firm and its subcontractors to maintain, during the term of their contracts for construction of the PROJECT, insurance with a company that is satisfactory to the CWCB, in the limits shown below. No payments shall be made to the BORROWER unless all proof of insurance is current. The BORROWER shall file notices of renewals of said policies with the CWCB as renewals occur. a. Worker's compensation and employer's liability insurance in the required statutory amounts. b. Automobile liability insurance that includes coverage for all owned, non-owned and hired vehicles with minimum limits of $1 ,000,000 combined single limit for bodily injury and property damage. c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include products/completed operations and ~ersonal injury. d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, hail, vandalism, and flood in an amount equal to the completed value of the PROJECT. During the time of construction, the CWCB reserves the right to increase the above amount of insurance so that said amounts at a minimum correspond to the amount established by the Colorado Governmental Immunity Act, now and as hereafter amended. 7. Progress Reports. The BORRO\^JER shall prepare a periodic progress report 'vvhich contains a statement of the PROJECT tasks completed and the costs expended for that period and shall forward said statement to the CWCB. C. GENERAL PROVISIONS 1. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a designated representative of the CWCB to make periodic inspections of the PROJECT. Such inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract. Furthermore, such inspections shall cover the condition of the PROJECT, operating records, maintenance records, and financial records, and shall not be construed nor interpreted as an approval of the actual design and/or construction of any element of the PROJECT facilities. 2. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 3. Designated Agent Of The CWCS. The CWCB's agents and employees are hereby designated as the agents of the CWCB for the purpose of this contract. 4, Contract Is Not Assignable. The BORROWER may not assign this contract except with the prior written approval of the CWCB. Page 8 of 13 Loan Contract