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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 27 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 />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 />PROJ ECT. <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�ECr. <br />Such inspections shall cover the condition of the PROJECT operating records, <br />maintenance records, and financial records. These inspections are solely for the <br />purpose of verifying compliance with the terms and conditions of this contract and shall <br />not be construed nor interpreted as an approval of the actual design, construction or <br />operation of any element of the PRO�ECT facilities <br />2. Applicable Laws. The BoRROwER shall strictly adhere to all applicable federal, state, <br />and local laws and regulations that are in effect or may hereafter be established <br />throughout the term of this contract. <br />3. Designated Agent Of The CWCB. The CWCB's employees are designated as the <br />agents of the CWCB for the purpose of this contract. <br />a. Assignment. The BoRROwER may not assign this contract except with the prior written <br />approval of the CWCB. <br />s. Contract Relationship. The parties to this contract intend that the relationship <br />between them under this contract is that of lender-borrower, not employer-employee. <br />No agent, employee, or servant of the BoRROwER shall be, or shall be deemed to be, <br />an employee, agent, or servant of the CWCB. The BoRROwER shall be solely and <br />Loan Contract C150254 <br />Page 7 of 11 <br />