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option without regard to prior waivers of previous defaults by the BORROWER, through <br />judicial proceedings to require specific performance of this CONTRACT, or by such other <br />proceedings in law or equity as may be deemed necessary by the CWCB to ensure <br />compliance with provisions of this CONTRACT and the laws and regulations under which <br />this CONTRACT is executed. The CWCB's exercise of any or all of the remedies <br />described herein shall not relieve the BORROWER of any of its duties and obligations <br />under this CONTRACT. <br />13. Operation of Project. The BORROWER shall, without expense or legal liability to the <br />CWCB, manage, operate and maintain the PROJECT continuously in an efficient and <br />economical manner. <br />14. BORROWER'S Liability Insurance. <br />a. Because the BORROWER is a "public entity" within the meaning of the Colorado <br />Governmental Immunity Act, CRS 24 -10 -101, et se g., as amended ( "Act "), the <br />BORROWER shall at all times maintain such liability insurance, by commercial policy <br />or self- insurance as is necessary to meet its liabilities under the Act. <br />b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB <br />with an Acord Form 25 or other form satisfactory to the CWCB evidencing said <br />insurance and shall provide the CWCB with documentation of renewals of said <br />insurance. <br />15. Additional Contract Requirements. Any additional CONTRACT requirements are set <br />forth in Additional Contract Requirement (Section 6) of the PROJECT SUMMARY. <br />B. PROJECT PROVISIONS <br />1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br />BORROWER shall adhere to the CWCB PROCEDURES FOR WATER PURCHASE PROJECTS <br />AND CONSTRUCTION PROJECTS (Section 7) of the PROJECT SUMMARY. <br />2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for <br />loan disbursements are listed in Eligible Expenses (Section 8) of the PROJECT <br />SUMMARY <br />3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br />Disbursement Schedule (Section 9) of the PROJECT SUMMARY. <br />4. Time for Performance. The BORROWER recognizes that time is of the essence in the <br />performance of all of its obligations under this CONTRACT. Therefore, the BORROWER <br />shall complete the PROJECT within the time specified in Time for Performance (Section <br />10) of the PROJECT SUMMARY. <br />5. Indemnification by the Construction Firm. The BORROWER shall require all <br />construction 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 />omissions of those parties or sustained in connection with the performance of any <br />Loan Contract No. C150337 <br />Page 6 of 12 <br />