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omissions of those parties or sustained in connection with the performance of any contract related to the PRO�ECT or by conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or actions. 6. Liability Insurance During Construction. During construction of the PRO�ECT, the BoRROwER shall require the construction firm(s) and any subcontractors to maintain the following insurance coverage in the limits shown during the term of their contracts for the construction of the PRO�ECT. The BoRROwER shall provide the CWCB with an Acord Form 27 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. No payments shall be made to the BoRROwER unless all insurance certificates are current. a. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, hail, and vandalism in an amount equal to the completed value of the PROJECT. � � � � b. Worker's compensation and employer's liability insurance in the required statutory amounts. c. 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. d. Commercial 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 1. Periodic Inspections. Throughout the term of this contract, the BORROWER Shall permit a designated representative of the CWCB to make periodic inspections of the PRO�ECT. Such inspections shall cover the condition of the PRO�ECT, operating records, maintenance records, and financial records. These inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract and shall. not be construed nor interpreted as an approval of the actual design, construction or operation of any element of the PRO�ECT facilities. 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. 5. 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 BoRROwER shall be solely and Page 6 of 9