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claims or actions. 6. Liability Insurance During Construction. During construction Of the PROJECT the BORROWER Shall require the construction firm(s) and any subcontractors, if any, to maintain the following insurance coverage in the limits shown during the term of their contracts for the construction of the PRO�ECT. To the extent such insurance is required, the BoRROwER shall provide the CWCB with an Acord Form 25 evidencing said insurance prior to commencement of construction, maintained until construction is complete, and shall provide the CWCB with documentation of renewals of said insurance. If such insurance is required, no payments shall be made to the BoRROwER unless all insurance certificates are current. a. Worker's compensation and employer's liabifity insurance in the required statutory amounts. b. Automobile liability insurance that includes coverage for all owned, non-owned and hired vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property damage. c. Commercia) general liability insurance with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include products/completed operations and bodily injury/property damage. C. GENERAL PROVISIONS i. Periodic Inspections. At any and all reasonable times CWCB or its duly authorized agents, attorneys, experts, engineers, accountants, and representatives shall have the right to inspect any and all books, papers, resolutions, and records of the BoRROwER pertaining to the Project or the Pledged Revenues. 2. Applicable Laws. The BoRROwER shall strictly adhere to all applicable federal, state, and local laws and regulations that are in effect or may hereafter be established throughout the term of this contract. 3. Designated Agent Of The CWCB. The CWCB's employees are designated as the agents of the CWCB for the purpose of this contract. 4. Assignment. The BoRROwER may not assign this contract except with the prior written approval of the CWCB. s. Contract Relationship, The parties to this contract intend that the relationship between them under this contract is that of lender-borrower, not employer-employee. No agent, employee, or servant of the BoRROwER shall be, or shall be deemed to be, an employee, agent, or servant of the CWCB. The BoaROwER shall be solely and entirely responsible for its acts and the acts of its agents, employees, servants, engineering firms, construction firms, and subcontractors during the term of this contract. Loan Contract C150274 Page 7 of 11 123681111216151.7