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B• I'RQJECT PRUVISIQNS <br />1. Constructiort Fund Pragram Rrocedures. During fihe completian of the PRO��cT, the <br />BoRe�ow�R sha11 adhere to the CWCB Construction Fund Program Procedures <br />(Secfiion 8), of the Projecfi �umn�ary, <br />2. Eligibl� Expenses, The RRO�ECr expenses for which the Bo�ROw�R is eligible for <br />laan disbursements are listed in Eiigible Expenses (Section 9) af the Project <br />Surr�mary. <br />3. Lcaan �isbur�emen�s. Th� CWCB shall disburse loan funds in accordance with the <br />Disbursement Schedule (�ec:tion 10) af the Praject Summary. <br />4. Tim� for RerForn�an�ce, The Ba�ROV3tE�t recognizes that tirne is of the essence in the <br />pertormance of al10# i#s abligations under this contract. Therefore, the BoRROw�R shall <br />complete fihe PRO,��c'r witMin the tirrie s�ecified in Tirne far Perf'ormanee (Section � 1) of <br />the Project Summary. <br />5. IndernnifiGatian By The Constructiun Firm. The BORROWER shall require all <br />Construction Firms an�l fiheir subcontractars to indemnify the STArE an�1 th� BoR�towER <br />against al1 liabi�ity and 1oss, and again�t all ctaims and actions based upon or arising <br />out of damage or injury, including dea#h, ta persons or property, caused by any acfis or <br />omissians of tl�ose parties or sustained in connection with th� perForman� of any <br />contract retated to the PRa��CT or by condifiions created thereby, or based upon any <br />vic�lation of any statufie, ordinance, or regulation, and the defense of any such claims or <br />actions. <br />6. Liabilifiy InsuraEnce DuriAg ConstruG�an, During construction of the PRO�ECT, the <br />B�t��ow��t sMall require th� consfiructican firm(s) and any subcontraCtors to rr�air�tain the <br />fc�llvwir�g insurance coverage in fihe limi�s shown during the term of their c�anfiracfis for <br />the ccxns�truc�tion of fihe Pr�o��cT. The �oRRpvv�a shall provide the CWCB varith an <br />Acord Form 25 evidencing said insurance prior to commencement of construction, <br />maint�fned until cc�nstruction is �omplete, and shall provide tMe CWGB with <br />documentation of renewals of said insurance. No payments shal! be made ta the <br />BoRRaw�R unl�ss a(I insurar�ce certificates are current. <br />a. Builder's risk insurance for consfiruction in progress for all per�ls of lo5s including fire, <br />wind, hail, and vandalism in an amount equal to the completed value ofi the <br />PRC7JECT. <br />b. Warker's compensafiior� and employer's liability insuran,ce in the required statutory <br />amounts. <br />c. Automobile li�bilifiy insuranc� that inctude� coverage for a8 owned, non-a►wned and <br />hired vehicles with minimum limits ofi $1,OOO,Q00 combined single lirnit fior bodily <br />injury and praperty darr�age. <br />d. Commercial general liabilifiy insurance with minimum limits of $1,000,000 combined <br />single lirr�it for e�ch occurrence and $2 general aggregate. This insurance <br />coverag� shall include products/completed operations and bodily injury/prop�rty <br />Loan Cantr�ct C150270 <br />Page 6 of 11 <br />