Laserfiche WebLink
<br />c. The CWCB shall not disburse any loan funds without evidence of said insurance coverage. <br /> <br />d. Throughout the life of this contract, the CWCB reserves the right to increase the above <br />amount of insurance. <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 (Section 6), of <br />the Project Summary. <br /> <br />2. Eligible Expenses. The items for which the BORROWER is eligible for loan disbursements <br />are listed in Eligible Project Expenses (Section 7) of the Project Summary. <br /> <br />3. Loan Disbursements, The BORROWER shall provide to the CWCB a report prior to each loan <br />disbursement that states the PROJECT tasks completed and the costs expended for that period. <br />The CWCB shall disburse loan funds in accordance with the Disbursement Schedule (Section <br />8) 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 9) of the <br />Project Summary. <br /> <br />5. Indemnification By The Construction Firm. The BORROWER shall require all Construction <br />Firms and their subcontractors to indemnify the CWCB and the BORROWER against all liability <br />and loss, and against all claims and actions based upon or arising out of damage or injury, <br />including death, to persons or property, caused by any acts or omissions of those parties or <br />sustained in connection with the performance of any contract related to the PROJECT or by <br />conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, <br />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 with a company that is satisfactory to the <br />CWCB during the term of their contracts for the construction of the PROJECT, Said general <br />liability insurance shall name the BORROWER and the CWCB as additional insured, An <br />additional insured endorsement and a copy of a current certificate of said liability insurance <br />must be provided to the CWCB prior to commencement of construction and maintained until <br />construction is complete. No payments shall be made to the BORROWER unless all insurance <br />certificates are current. The BORROWER shall file notices of renewals of said policies with the <br />CWCB as renewals occur. Before or during the time of construction, the CWCB reserves the <br />right to increase the above limits of insurance as may be warranted by the size of the PROJECT, <br /> <br />a. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, <br />hail, and vandalism in an amount equal to the completed value of the PROJECT. <br /> <br />b. Worker's compensation and employer's liability insurance in the required statutory amounts. <br /> <br />c. Automobile liability insurance that includes coverage for all owned, non-owned and hired <br />vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and <br />property damage, <br /> <br />d. Commercial general liability insurance with minimum limits of $1,000,000 combined single <br /> <br />Page 5 of 9 <br /> <br />Loan Contract <br />