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f. Actual construction as called for in the pians and specifications and in duly approved change <br />orders (approval by the CWCB, the BORROWER, and the BoRROwER'S ENGINEER~. <br />g. Engineering services for construction management, including design and construction <br />management for CWCB-approved change orders. <br />h. 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 />i. Purchase of shares of stock in the Montezuma Valley Irrigation Company. <br />3. Loan Disbursements. The BoRROwER shall provide to the CWCB a report prior to each loan <br />disbursement that states the PRO~ECr tasks completed and the costs expended for that period. <br />The CWCB shall disburse loan funds in accordance with Section 3, Disbursement Schedule, of <br />the Project Summary. <br />4. Time ~or 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 speci~ed in Section 4, Time for Performance, of the Project <br />Summary. <br />5. indemnification During Constructi T ROWER, if the BORROWER IS the entity <br />undertaking the construction, and all C t rms and their subcontractors shall indemnify <br />the CWCB against all liability and loss, agains I s and actions based upon or arising <br />out of damage or injury, including death, r , caused by any acts or omissions <br />of those parties or sustained in c ' n ~ erFormance of any contract related to the <br />PRO.IECT or by conditions created th y, or ased upon any violation of any statute, ordinance, <br />or regulation, and the defense of any such claims or actions. <br />6. Liability Insurance During Construction. During construction of the PRO~ECT, the BORROWER, <br />if the BoRROwER is the entity undertaking the construction, and any construction firm(s) and any <br />subcontractors shall be required to maintain the following insurance coverage in the limits shown <br />during the term of their contracts for the construction of the PRO~ECT. The BoRROwER shall <br />provide the CWCB with an Acord Form 27 evidencing said insurance prior to commencement of <br />construction, maintained until construction is complete, and shall provide the CWCB with <br />documentation of renewals of said insurance. No paymer~ts shall be made to the BoRROwFR <br />unless all insurance certificates are current. <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 PRO~ECT. <br />b. Worker's compensation and employer's liability insurance in the required statutory amounts. <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 property <br />damage. <br />d. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit <br />for each occurrence and $2,000,000 general aggregate. This insurance coverage shall <br />include products/completed operations and bodily injury/property damage. <br />C. GENERAL PROVISIONS <br />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 PRO~ECT. Said <br />inspections shall cover the condition of the PRO~ECT, operating records, maintenance records, <br />Page 6 of 9 <br />