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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 seq., 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 Construction Fund Program Procedures <br /> (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 /> 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 during the term of their contracts for <br /> the construction of the PROJECT. The BORROWER shall provide the CWCB with an Acord <br /> Form 25 evidencing said insurance prior to commencement of construction, maintained <br /> Loan Contract C150377 <br /> Page 6 of 12 <br />