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� <br />14. BORROWER Liability Insurance. <br />� <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 />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 Pertormance. 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 (If Applicable]. The BoRROwER shall <br />require all Construction Firms and their subcontractors 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�ECr or by conditions created thereby, or based upon <br />any violation of any statute, ordinance, or regulation, and the defense of any such <br />claims or actions. <br />6. Liability Insurance During Construction �lf ApplicableJ. During construction of the <br />PROJECT the BoRROwER shall require the construction firm(s) and any subcontractors <br />to maintain the following insurance coverage in the limits shown during the term of their <br />contracts for the construction of the PRO�ECT. The BoRROwER shall provide the CWCB <br />with an Acord Form 27 evidencing said insurance prior to commencement of <br />construction, maintained until construction is complete, and shall provide the CWCB <br />with documentation of renewals of said insurance. No payments shall be made to the <br />Loan Contract C150312 <br />Page 6 of 12 <br />