C150026 PIF Contract - Laserfiche WebLink

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b. Automobile liability insurance which 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. c. 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 personal injury. d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, hail, vandalism, and flood in an amount equal to the amount of the PROJECT construction contracts. Said general liability insurance shall name the BORROWER and the STATE as additional insureds. Ar additional insured endorsement and a current copy of a certificate of said liability insurance ML st be provided to the STATE prior to commencement of construction and maintained until co istruction is complete. No payments shall be made to the BORROWER unless all insurance ce ificates are current. The BORROWER shall file notices of renewals of said policies with the S TE as renewals occur. D ing the time of construction, the STATE reserves the right to increase the above amount of inE irance so that said amounts at a minimum correspond to the amount established by the Cc orado Governmental Immunity Act, now and as hereafter amended. 5. BC RROWER'S Indemnification Of The STATE. The - ROW 401, without expense or legal lia ility to the STATE, manage, operate, and maintain tM'e F?RO,cT cmntinuously in an efficient and ec nomical manner. The BORROWER agrees to indemnify an0' k bl the STATE harmless from any lia ility incurred by the STATE as a result of the S- Wtes-part�cipOt 6n in financing the PROJECT. 6. B RROWER's Liability Insurance. Upon exe this contract and continuing until complete rer ayment of the loan is made to the STATE, the `BoRROWER `shall maintain commercial general lial iility insurance with a company that is satisfactory, ,`16 the STATE covering the management, op ration, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single lim t for each occurrence and $2,000,000 general``aggregate, including products /completed op rations and personal injury. Sa d general liability insurance shall name the STATE as additional insured. The BORROWER shall pr vide the STATE with an Acord Form 27 evidencing said insurance and an additional insured enilorsement, and shall provide the STATE with documentation of renewals of said insurance. The STATE will not disburse any loan funds without evidence of said insurance coverage. Th oughout the life of this contract, the STATE reserves the right to increase the above amount of ins irance so that said amounts at a minimum correspond to the amount established by the Co orado Governmental Immunity Act, now and as hereafter amended. Be use the BORROWER is a "public entity" within the meaning of the Colorado Governmental I mi iunity Act, CRS 24 -10 -101, et seg., as amended ( "Act "), the BORROWER shall at all times ma ntain such liability insurance, by commercial policy or self - insurance, as is necessary to meet its iabilities under the Act. Upon request by the STATE, the BORROWER shall provide proof of su h insurance. 7. DI TRICT's and BORROWER's Authority To Contract. The DISTRICT and the BORROWER wa rant that their respective boards of directors have complied with all applicable law and duly adopted resolutions that constitute legislative measures of the DISTRICT and the BORROWER an I are irrepealable for the term of this loan contract, authorizing: Ute Wat r Activity Enterprise and Ute Wat r Conservancy District Page 4 of 13