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compliance with provisions of this contract and the laws and regulations under which <br />this contract is executed. The CWCB's exercise of any or all of the remedies <br />described herein shall not relieve the BoRROwER of any of its duties and obligations <br />under this contract. <br />13. OPERATION OF PROJECT. The BORROWER Shall without expense or legal liability to the <br />CWCB, manage, operate and maintain the PRO�ECT continuously in an efficient and <br />economical manner. <br />14. BoRROw�R'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 am�nded ("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 Effective Date, BoRROwER has provided the CWCB with an Acord Form <br />25 evidencing said insurance which form the CWCB has approved and shall provide <br />the CWCB with documentation of renewals of said 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 />1. Construction Fund Program Procedures. During the completion of the PRO�ECT, the <br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures <br />(Section 7) of the Project Summary. <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, if any to indemnify the STATE and the <br />BoRROwER against all liability and loss, and against all claims and actions based upon <br />or arising out of damage or injury, including death, to persons or property, caused by <br />any acts or omissions of those parties or sustained in connection with the performance <br />of any contract related to the PRO�ECT or by conditions created thereby, or based upon <br />any violation of any statute, ordinance, or regulation, and the defense of any such <br />Loan Contract C150274 <br />Page 6 of 11 <br />12368\1\1216151.7 <br />