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proceedings in law or equity as may be deemed necessary by the CWCB to ensure compliance with provisions of this contract and the laws and regulations under which this contract is executed. The CWCB's exercise of any or all of the remedies described herein shall not relieve the BORROWER of any of its duties and obligations under this contract. 13. OPERATION OF PROJECT. The BORROWER shall, without expense or legal liability to the CWCB, manage, operate and maintain the PROJECT continuously in an efficient and economical manner. 14. BORROWER'S Liability Insurance. a. Upon execution of this contract and continuing until complete repayment of the loan is made to the CWCB, the BORROWER shall maintain commercial general liability insurance, with a company that is satisfactory to the CWCB, with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, including products/completed operations and personal injury. b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCS with an Acord Form 25 or other form satisfactory to the CWCB evidencing said insurance and shall provide the CWCB with documentation of renewals of said insurance. 15. Additional Contract Requirements. Any additional contract requirements are set forth in Additional Contract Requirement (Section 6) of the Project Summary. B. PROJECT PROVISIONS 1. Construction Fund Program Procedures. During the completion of the PROJECT, the BORROWER shall adhere to the CWCS Construction Fund Program Procedures (Section 7) of the Project Summary. 2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for loan disbursements are listed in Eligible Expenses (Section 8) of the Project Summary. 3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the Disbursement Schedule (Section 9) of the Project Summary. 4. Time for Performance. The BORROWER recognizes that time is of the essence in the performance of all of its obligations under this contract. Therefore, the BORROWER shall complete the PROJECT within the time specified in Time for Performance (Section 10) of the Project Summary. 5. Indemnification By The Construction Firm. The BORROWER shall require all Construction Firms and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property, caused by any acts or omissions of those parties or sustained in connection with the performance of any Loan Contract C150229 Page 6 of 12