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<br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures (Section 5), <br />of the Project Summary. <br /> <br />2. Eligible Expenses. Listed in Eligible PROJECT Expenses (Section 6) of the Project <br />Summary, are the items for which the BORROWER is eligible for reimbursement. <br /> <br />3. Loan Disbursements. The BORROWER shall provide to the CWCB a report prior to each <br />loan disbursement that states the PROJECT tasks completed and the costs expended for <br />that period. The CWCB shall disburse loan funds in accordance with the Disbursement <br />Schedule (Section 7) 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 8) of the <br />Project Summary. The CWCB may extend the time for performance in accordance with <br />Paragraph A.5 (Contract Revision). <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 />b. Worker's compensation and employer's liability insurance in the required statutory <br />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 <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 />damage. <br /> <br />C. GENERAL PROVISIONS <br /> <br />1. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a <br />designated representative of the CWCB to make periodic inspections of the PROJECT. Said <br />inspections shall cover the condition of the PROJECT, operating records, maintenance <br /> <br />Tilton Lateral, Inc. <br /> <br />Page 5 of 9 <br /> <br />Loan Contract <br />