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<br />(Collateral) of the Project Summary. <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 is <br />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 with <br />an Acord Form 27 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 forth in <br />Additional Contract Requirement (Section 7) of the Project Summary. <br /> <br />B. PROJECT PROVISIONS <br /> <br />1. Construction Fund Program Procedures. During the comp'h-.!j\o~ROJECT, the <br />BORROWER shall adhere to the CWCB Construction Fund Progr"~.u (Section 8), <br />of the Project Summary. <br /> <br />2. Eligible Expenses. The PROJECT expenses for which ttll.IRc&lrsT6J9i~.. f for loan <br />disbursements are listed in Eligible Expenses (Section 9Mhlprljktl..SuIlJnInf. <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 the <br />Project Summary. <br /> <br />5. Indemnification By The Construction Firm. The BORROWER shall require all <br />Construction Firms and their subcontractors to indemnify the CWCB and the BORROWER <br />against all liability and loss, and against all claims and actions based upon or arising out of <br />damage or injury, including death, to persons or property, caused by any acts or omissions <br />of those parties or sustained in connection with the performance of any contract related to <br />the PROJECT or by conditions created thereby, or based upon any violation of any statute, <br />ordinance, or regulation, and the defense of any such claims or 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 the <br />construction of the PROJECT. The BORROWER shall provide the CWCB with an Acord Form <br />27 evidencing said insurance prior to commencement of construction, maintained until <br />construction is complete, and shall provide the CWCB with documentation of renewals of <br />said insurance. No payments shall be made to the BORROWER unless all insurance <br />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 PROJECT. <br /> <br />Page 5 of 9 <br />