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economical manner. <br />14. BORROWER's Liability Insurance. <br />a. Upon execution of this contract and continuing until complete repayment of the loan is <br />made to the CWCB, the BORROWER shall maintain commercial general liability <br />insurance with a company that is satisfactory to the CWCB covering the management, <br />operation, and maintenance of the PROJECT with minimum limits of $1,000,000 <br />combined single limit for each occurrence and $2,000,000 general aggregate, <br />including products /completed operations and personal injury. <br />b. The BORROWER shall provide the CWCB with a certificate of said insurance and proof <br />of renewals of said insurance. <br />c. The CWCB shall not disburse any loan funds without evidence of said insurance <br />coverage. <br />B. PROJECT PROVISIONS <br />1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures (Section <br />6), of the Project Summary. <br />2. Eligible Expenses. The items for which the BORROWER is eligible for loan <br />disbursements are listed in Eligible Pro' xpenses (Section 7) of the Project <br />Summary. <br />3. Loan Disbursements. The BORR pro ' e 160tie CWCB a report prior to each <br />loan �' w.nr�4 t(., n� i"n +nn }L.n r fn 1'ni`+iJ n 4i�n nin vr.n rJ nr1 fir <br />IQ VInJbUIJe111G11L lhQl nJ LQLGJ 111G 1 VI l ,�,IoIGLGV Qnli 1116 VVJIJ C�iAf,/GnVGV IVI <br />that period. The CWCB shall disburse to in accordance with the Disbursement <br />Schedule (Section 8) of the Project a <br />4. Time for Performance. The BORR'l recognizes that time is of the essence in the <br />performance of all of its obligations ufTder this contract. Therefore, the BORROWER shall <br />complete the PROJECT within the time specified in Time For Performance (Section 9) of <br />the Project Summary, <br />5. Indemnification By The Construction Firm. The BORROWER shall require all <br />Construction Firms and their subcontractors to indemnify the CWCB and the BORROWER <br />against all liability and loss, and against all claims and actions based upon or arising out <br />of damage or injury, including death, to persons or property, caused by any acts or <br />omissions of those parties or sustained in connection with the performance of any <br />contract related to the PROJECT or by conditions created thereby, or based upon any <br />violation of any statute, ordinance, or regulation, and the defense of any such claims or <br />actions. <br />6. Liability Insurance During Construction. During construction of the PROJECT, the <br />BORROWER shall require the construction firm(s) and any subcontractors to maintain the <br />following insurance coverage in the limits shown with a company that is satisfactory to the <br />CWCB during the term of their contracts for the construction of the PROJECT. <br />a. Builder's risk insurance for construction in progress for all perils of loss including fire, <br />wind, hail, and vandalism in an amount equal to the completed value of the PROJECT. <br />b. Worker's compensation and employer's liability insurance in the required statutory <br />amounts. <br />Page 5 of 9 Upper Platte and Beaver Creek Canal Co. Loan Contract <br />