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B. PROJECT PROVISIONS <br />1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br />BORR WER shall adhere to the CWCB Construction Fund Program Procedures <br />(Secti n 8), of the Project Summary. <br />2. Eligi le Expenses. The PROJECT expenses for which the BORROWER is eligible for <br />loan isbursements are listed in Eligible Expenses (Section 9) of the Project <br />Sum ary. <br />3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br />Disbu Bement Schedule (Section 10) of the Project Summary. <br />4. Time for Performance. The BORROWER recognizes that time is of the essence in the <br />perfo ance of all of its obligations under this contract. Therefore, the BORROWER shall <br />comp to the PROJECT within the time specified in Time for Performance (Section 11) of <br />the P jest Summary. <br />5. Indemnification By The Construction Firm. The BORROWER shall require all <br />Cons ction 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 />amiss ons of those parties or sustained in connection with the performance of any <br />contr ct related to the PROJECT or by conditions created thereby, or based upon any <br />viola <br />ti n of any statute, ordinance, or regulation, and the defense of any such claims or <br />6. Liabil ty Insurance During Construction. During construction of the PROJECT, the <br />BORR WER shall require the construction firm(s) and any subcontractors to maintain the <br />folio ' 'g insurance coverage in the limits shown during the term of their contracts for <br />the' c nstruction of the PROJECT. The BORROWER shall provide the CWCB with an <br />Acord Form 27 evidencing said insurance prior to commencement of construction, <br />maint ned until , construction is complete, and shall provide the : CWC8 . With <br />clocur ientation of renewals of said insurance. No payments shall be made to the <br />BORROWER unless all insurance certificates are current. <br />a. Bu Ider's risk insurance for construction in progress for all perils of loss including fire, <br />Mid, hail, and vandalism in an amount equal to the completed value of the <br />b. Worker's compensation and employer's liability insurance in the required statutory <br />c. A omobile liability insurance that includes coverage for all owned, non -owned and <br />hi d vehicles with minimum limits of $1,000,000 combined single limit for bodily <br />inji iry and property damage. <br />d. Cc mmercial general liability insurance with minimum limits of $1,000,000 combined <br />sir gle limit for each occurrence and $2,000,000 general aggregate. This insurance <br />co/erage shall include products/ /completed operations and bodily injury/property <br />Loan Contract 015031.8 <br />Page 6 of 11 <br />