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-7 2. E Su % a IECT PROVISIONS Aruction Fund Program Procedures. During the completion of the PROJECT, the TOWER shall adhere to the CWCB Construction Fund Program Procedures ;ion 8), of the Project Summary. ble Expenses. The PROJECT expenses for which the BORROWER is eligible for disbursements are listed in Eligible Expenses (Section 9) of the Project mary. 3. Lo Disbursements. The CWCB shall disburse loan funds in accordance with the Dis ursement Schedule (Section 10) of the Project Summary. 4. Ti for Performance. The BORROWER recognizes that time is of the essence in the pe rmance of all of its obligations under this contract. Therefore, the BORROWER shall co plete the PROJECT within the time specified in Time for Performance (Section 11) of the Project Summary. 5. Ind imnification By The Construction Firm. The BORROWER shall require all Cor struction Firms and their subcontractors to indemnify the STATE and the BORROWER aga nst all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property, caused by any acts or om sions of those parties or sustained in connection with the performance of any co ract related to the PROJECT or by conditions created thereby, or based upon any viol tion of any statute, ordinance, or regulation, and the defense of any such claims or 6. Lia 31111ty Insurance During Construction. During construction of the PROJECT, the Boi tROWER shall require the construction firm(s) and any subcontractors to maintain the foll wing insurance coverage in the limits shown during the term of their contracts for the construction of the PROJECT. The BORROWER shall provide the CWCB with an A ird Form 27 evidencing said insurance prior to commencement of construction, ma ntained until construction is complete, and shall provide the CWCB with do umentation of renewals of said insurance. No payments shall be made to the Bo ROWER unless all insurance certificates are current. a. uilder'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 b. �orker's compensation and employer's liability insurance in the required statutory mounts. c. utomobile 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. ommercial 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 Loan Contract C150299 Page 6 of 11