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~ ~ <br />loan disbursements are listed in Eligible Expenses (Section 8) of the Project <br />Summary. <br />3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br />Disbursement Schedule (Section 9) of the Project Summary. <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 PRO~ECT within the time specified in Time for Performance (Section 10) of <br />the Project Summa'ry. <br />5. Indemnification By The Construction Firm. The BORROWER shall require all <br />Construction Firms and their subcontractors that perform any act related to work on the <br />PRO~ECT 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 <br />death, to persons or property, caused by any acts or omissions of those parties or <br />sustained in connection with the performance of any contract related to the PRO~ECT or <br />by conditions created thereby, or based upon any violation of tute, ordinance, or <br />regulation, and the defense of any such claims or acti ns. <br />6. Liability Insurance During Construc '.~ing nstructio the PROJECT, the <br />BoRROwER shall require the cons#~rt n (s) and subcontractors to maintain the <br />following insurance cover in the mits s wn du g the term of their contracts for <br />the construction of PR ~ECT. RROwER shall provide the CWCB with an <br />Acord Form 27 eviden ' said insurance prior to commencement of construction, <br />maintained until constr ion is complete, and shall provide the CWCB with <br />documentation of renewals of said insurance. No payments shall be made to the <br />BoRROwER unless all insurance certificates are current. <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 <br />PROJECT. <br />b. Worker's compensation and employer's liability insurance in the required statutory <br />amounts. <br />c. Automobile liability insurance that includes coverage for all owned, non-owned and <br />hired vehicles with minimum limits of $1,000,000 combined single limit for bodily <br />injury and property damage. <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 />C. GENERAL PROVISIONS <br />Periodic Inspections. Throughout the term of this contract, the BoRROwER shall permit <br />a designated representative of the CWCB to make periodic inspections of the PRO.tECT. <br />Such inspections shall cover the condition of the PROJECT, operating records, <br />Page 6 of 10 <br />