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B. PROJECT PROVISIONS <br />Construction Fund Program Procedures. During the completion of the PRO�ECT, the <br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures <br />(Section 8), of the Project Summary. <br />2. Eligible Expenses. The PRO�ECT expenses for which the BoRROwER is eligible for <br />loan disbursements are listed in Eligible Expenses (Section 9) of the Project <br />Summary. <br />3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br />Disbursement Schedule (Section 10) of the Project Summary. <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 PRO�ECT within the time specified in Time for Performance (Section 11) of <br />the Project Summary. <br />5. Indemnification By The Construction Firm. The BORROWER Shall require all <br />Construction Firms and their subcontractors to indemnify the SraTE and the BoRROwER <br />against all liability and loss, and a�ainst 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 PRO�ECT or by conditions created thereby, or based upon any <br />violation of any statute, ordinance, or regulation, and the defense of any such claims or <br />actions. <br />6. Liability Insurance During Construction. During construction of the PRO�ECT, 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 <br />the construction of the PRO�ECT. The BoRROwER shall provide the CWCB with an <br />Acord Form 27 evidencing said insurance prior to commencement of construction, <br />maintained until construction is complete, and shall provide the CWCB with <br />documentation of renewals of said insurance. No payments shall be made to the <br />BoRROwER unless all insurance certificates are current. <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 <br />PROJECT. <br />b. Worker's compensation and employer's liability insurance in the required statutory <br />amounts. <br />c. Automobile liability insurance that includes coverage for all owned, non-owned and <br />hired vehicles with minimum limits of $1,000,000 combined single limit for bodily <br />injury and properly damage. <br />d. Commercial general liability insurance with minimum limits of $1,000,000 combined <br />single limit for each occurrence and $2,000,000 general aggregate. This insurance <br />coverage shall include products/completed operations and bodily injury/property <br />Page 6 of 10 <br />