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<br />g. Engineering services for construction management, including design and construction <br />management for CWCB-approved change orders. <br /> <br />h. Interest during completion of the PROJECT pursuant to Paragraph A.3 herein. <br /> <br />i. Legal services for reviewing engineering services contracts, reviewing this contract, reviewing <br />construction contract documents, and for complying with all federal, state, and local <br />regulatory requirements. <br /> <br />3. 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 complete <br />the PROJECT within the time specified in Section 4 (Time For Performance) of the Project <br />Summary. <br /> <br />4. 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 and <br />loss, and against all claims and actions based upon or arising out of damage or injury, including <br />death, to persons or property, caused by any acts or omissions of those parties or sustained in <br />connection with the performance of any contract related to the PROJECT or by conditions created <br />thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of <br />any such claims or actions. <br /> <br />5. Liability Insurance During Construction. During construction of the PROJECT, the BORROWER <br />shall require the following insurance coverage in the limits shown with a company that is <br />satisfactory to the CWCB. <br /> <br />a. BORROWER shall maintain builder's risk insurance for construction in progress for all perils of <br />loss including fire, wind, hail, and vandalism in an amount equal to the completed value of the <br />PROJECT. <br /> <br />b. The construction firms and subcontractors shall maintain during the term of their contracts for <br />construction of the PROJECT the following. <br /> <br />j. Worker's compensation and employer's liability insurance in the required statutory <br />amounts. <br /> <br />ii. 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 />iii. Commercial general liability insurance with minimum limits of $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate. This insurance coverage <br />shall include products/completed operations and personal injury. <br /> <br />c. Said general liability insurance shall name the BORROWER and the CWCB as additional <br />insured. An additional insured endorsement and a current copy of a certificate of said liability <br />insurance must be provided to the CWCB prior to commencement of construction and <br />maintained until construction is complete. No payments shall be made to the BORROWER <br />unless all insurance certificates are current. The BORROWER shall file notices of renewals of <br />said policies with the CWCB as renewals occur. <br /> <br />d. Before or during the time of construction, the CWCB reserves the right to increase the above <br />limits of insurance as may be warranted by the size of the PROJECT. <br /> <br />North Poudre Irrigation Company <br /> <br />Page 6 of 11 <br /> <br />Loan Contract <br />