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14. BORROWER's Liability Insurance. <br />a. Because the BORROWER is a"public entity" within the meaning of the Colorado <br />Governmental Immunity Act, CRS 24-10-101, et seq•, as amended ("Act"), the <br />BoRROwER shall at all times maintain such liability insurance, by commercial policy <br />or self-insurance as is necessary to meet its liabilities under the Act. <br />b. Prior to the disbursement of any loan funds, the BoRROw~R shall provide the CWCB <br />with an Acord Form 25 or other form satisfactory to the CWCB evidencing said <br />insurance and shall provide the CWCB with documentation of renewals of said <br />insurance. <br />15. Additional Contract Requirements. Any additional contract requirements are set <br />forth in Additional Contract Requirement (Section 6) of the Project Summary. <br />B. PROJECT PROVISIONS <br />Construction Fund Program Procedures. <br />BORROWER shall adhere to the CWCB <br />(Section 7) of the Project Summary. <br />During the completion of the PRO~ECT, the <br />Construction Fund Program Procedures <br />2. Eligible Expenses. The PRO~ECT expenses for which the BoRROwER is eligible for <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 Summary. <br />5. Indemnification By The Construction Firm. The BORROWER shall require all <br />Construction Firms and their subcontractors to indemnify the STaTE and the BoRROwER <br />against all liability and loss, and against all cfaims and actions based upon or arising <br />out of damage or injury, including death, to persons or property, caused by any acts or <br />omissions of those parties or sustained in connection with the performance of any <br />contract related to the PRO~ECT or by conditions created thereby, or based upon any <br />violation of any statute, ordinance, or regulation, and the defense of any such claims or <br />actions. <br />6. Liability Insurance During Construction. During construction of the PRO.IECT, the <br />BoRROwER shall require the construction firm(s) and any subcontractors to maintain the <br />following insurance coverage in the limits shown during the term of their contracts for <br />the construction of the PRO~ECT. The BoRROwER shall provide the CWCB with an <br />Acord Form 25 evidencing said insurance prior to commencement of construction, <br />maintained until construction is complete, and shall provide the CWCB with <br />documentation of renewals of said insurance. No payments shall be made to the <br />Loan Contract C150275 <br />Page 6 of 11 <br />