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STATE. The BORROWER must provide, in writing, documented justification for any request for an <br />extension at least sixty (60) days prior to the end of the period for completion. <br />3. Indemnification by the CONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION FIRMS <br />and their subcontractors to indemnify the STaTE and the BoRROwER against all liability and loss, and <br />against all claims and actions based upon or arising out of damage or injury, including death, to <br />persons or property, caused by any acts or omissions of those parties or sustained in connection with <br />the performance of any contract related to the PRO~ECT or by conditions created thereby, or based <br />upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or <br />actions. <br />4. Liability insurance during construction. The BoRROwER shall require the CorvsTRUCTioN FiRnn and <br />its subcontractors to maintain during the term of their contracts for construction of the PRO~ECT the <br />following insurance with a company that is satisfactory to the STATE: <br />a. Worker's compensation and employer's liability insurance in the required statutory amounts. <br />b. Automobile liability insurance which 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 />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for <br />each occurrence and $2,000,000 general aggregate. This insurance coverage shall incl-~de <br />products/completed operations and personal injury. <br />d. Builder's risk for construction in progress for all perils of loss including fire, wind, hail, vandalism, <br />and flood in an amount equal to the completed value of the PRO,IECT. <br />Said general liability insurance shall name the BoRROwER and the STATE as additional insured. An <br />additional insured endorsement and a current copy of a certificate of said liability insurance must be <br />provided to the STATE prior to commencement of construction and maintained until construction is <br />complete. No payments shall be made to the BoRROwER unless all insurance certificates are current. <br />Notices of renewals of said policies shall also be filed with the STATE as they occur. <br />During the time of construction, the STATE resenres the right to increase the above amount of <br />insurance so that said amounts at a minimum correspond to the amount established by the Colorado <br />Govemmental Immunity Act, now and as hereafter amended. <br />5. BORROWER's indemnification of the STar~. The BORROWER shall, without expense or legal liability <br />to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. The BoRROwER agrees to indemnify and hold the STATE harmless from any <br />118blllty If1CUff2d by th2 STATE 8S 8 feSUlt Of thB STATE's interest in the PRO~ECT facilities and any other <br />property identified in the Collateral Provisions of this contract. <br />6. BORROWER's liability insurance. Upon execution of this contract and continuing until complete <br />repayment of the loan is made to the STATE, the BORROWER shall maintain commercial general <br />liability insurance with a company that is satisfactory to the STATE covering the management, <br />operation, and maintenance of the PRO~ECT with minimum limits of $1,000,000 combined single limit <br />for each occurrence and $2,000,000 general aggregate, including products/completed operations and <br />personal injury. <br />Said general liability insurance shall name the STaTE as additional insured. A copy of a certificate of <br />said insurance and an additional insured endorsement must be filed with the STATE. Evidence of <br />current insurance coverage is to be provided as renewals occur. No loan funds shall be advanced by <br />The Excelsior Irrigating Company Page 3 of 12 loan Contract <br />