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� <br />under this contract. <br />r� <br />U <br />14. OPERATION OF PROJECT. ThG 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 />15. BORROWER 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 BoRROwER 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 />16. 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. 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. <br />loan disbursements <br />Summary. <br />The PRO�ECT expenses for which the BoRROwER is eligible for <br />are listed in Eligible Expenses (Section 8) of the Project <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 11) 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 claims 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�ECT, the <br />Loan Contract C150260 <br />Page 6 of t 1 <br />