C150023 DeAuth Contract - Laserfiche WebLink

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liability nsurance must be provided to the STATE prior to commencement of construction and maintai ed until construction is complete. No payments shall be made to the BORROWER unless II insurance certificates are current. The BORROWER shall file notices of renewals of said p icies with the STATE as renewals occur. During the time of construction, the STATE reserves the right to increase the above amount of insu ance so that said amounts at a minimum correspond to the amount established by the Co orado Governmental Immunity Act, now and as hereafter amended. 5. BORR wER's Indemnification Of The STATE. The BORROWER shall, without expense or legal I bility to the STATE, manage, operate, and maintain the PROJECT continuously in an efficie t and economical manner. The BORROWER agrees to indemnify and hold the STATE harml ss from any liability incurred by the STATE as a result of the STATE'S interest in the PROD T facilities and any other property identified in the Collateral Provisions of this 6. BORJR LL. wER's Liability Insurance. Upon execution of this contract and continuing ntil g comp, repayment of the 41oan i made to the STATE, the BORROWER shall maintain com rcial general liability insurance with a company that is satisfactory to the STATE cove g the manage ment, operation, and maintenance of the PROJECT with minimum limits of $1 00,000 combined sing! limit f each occurrence and $2,000,000 general aggregate, inclu g products /completed 0s and personal injury. Said eneral liability insurance shall name the STATE as additional insured. The BORROWER shall provide the STATE with a certificate of said insurance and an additional insured end sement, and shall provE)ontract, STATE with documentation of renewals of said insu nce. The STATE will not any loan funds without evidence of said insurance cov age. Throughout the life the STATE reserves the right to increase the abo a amount of insurance so that said amounts at a minimum correspond to the amount esta lished by the Colorado Governmental Immunity Act, now and as hereafter amended. 7. Bo OWER's Authority To C act. The BORROWER shall, pursuant to its statutory aut rity, articles of incorporation an -laws, have its stockholders and board of directors ado t resolutions, irrepealable t he life of this loan, authorizing the President and Se :f) on behalf of the BORROWER, to do the following: a. To enter into and comply with the terms of this contract and the promissory note, and b. o levy assessments in an amount sufficient to pay the annual amounts due under this ontract, and to pledge assessment revenues and the BORROWER's right to receive said evenues for repayment of the loan, and C. d. e. Ryan o place the assessment revenues pledged to make annual loan payments in a special ccount separate and apart from other BORROWER revenues in accordance with the 'ledge of Property Provisions of this contract and To make annual payments in accordance with the promissory note, and To make annual deposits to a debt service reserve fund in accordance with the Pledge Reservoir Company Page 4 of 13 Loan Contract v