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Said general liability insurance shall name the BORROWER and the STATE as additional <br />insured. An additional insured endorsement and a current copy of a certificate of said liability <br />insurance must be provided to the STATE prior to commencement of construction and <br />maintained until construction is complete. No payments shall be made to the BoRROwER <br />unless all insurance certificates are current. Notices of renewals of said policies shall also be <br />filed with the STaTE as they occur. <br />During the time of construction, the STaTE reserves the right to increase the above amount of <br />insurance so that said amounts at a minimum co~respond to the amount established by the <br />Colorado Governmental Immunity Act, now and as hereafter amended. <br />5. BORROWER's Indemnification Of The SrnrE. The BORROWER shall, without expense or legal <br />liability to the STaTE, manage, operate, and maintain the PRO~ECT continuously in an efficient <br />and economical manner. The BoRROwER agrees to indemnify and hold the STaTE harmless <br />from any liability incurred by the STATE as a result of the STATE'S interest in the PROJECT <br />facilities and any other property identified in the Collateral Provisions of this contract. <br />6. BORROWER's Liability Insurance. Upon execution of this contract and continuing until <br />complete repayment of the loan is made to the STATE, the BORROWER shall maintain <br />commercial general liability insurance with a company that is satisfactory to the STATE <br />covering the management, operation, and maintenance of the PRO~ECT with minimum limits <br />of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, <br />including products/completed operations and personal injury. <br />Said general liability insurance shall name the STaTE as additional insured. A copy of a <br />certificate of said insurance and an additional insured endorsement must be filed with the <br />STATE. Evidence of current insurance coverage is to be provided as renewals occur. No <br />loan funds shall be advanced by the STarE without evidence of said current coverage. <br />Throughout the life of this contract, the STATE reserves the right to increase the above <br />amount of insurance so that said amounts at a minimum correspond to the amount <br />established by the Colorado Govemmental Immunity Act, now and as hereafter amended. <br />7. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory <br />authority, articles of incorporation, and by-laws, have its shareholders and board of directors <br />adopt resolutions, irrepealable during the life of this ioan, authorizing the President and <br />Secretary, on behalf of the BoRROwER, to do the following: <br />a. To enter into and comply with the terms of this contract and the promissory note, and to <br />pay the indebtedness, and <br />b. To levy and collect assessments in an amount sufficient to pay the annual amounts due <br />under this contract and to pledge assessment revenues and the BORROWER's right to <br />receive said revenues from its shareholders for repayment of this loan, in accordance with <br />the Pledge of Property Provisions herein, and <br />c. To place the assessment revenues pledged to make annual loan payments in a special <br />account separate and apart from other BORROWER revenues, in accordance with the <br />Excelsior Irrigating Company Page 4 of 15 Loan Contract <br />