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the Colorado Governmental Immunity Act, CRS 24-10-101, et seq., as amended ("Act"), the <br /> BORROWER shall at all time maintain such liability insurance, by commercial policy or self-insurance <br /> as is necessary to meet its liabilities under the Act. <br /> 15.Additional Contract Requirements. Any additional CONTRACT requirements are set forth in <br /> Additional Contract Requirement (Section 6) of the PROJECT SUMMARY. <br /> 16.CWCB agrees that it is a political subdivision and that the obligations of the Borrower hereunder <br /> are not and will not be specifically pledged by CWCB as security or collateral for an issuance of <br /> securities by CWCB. <br /> 17.Conversion to General Obligation Debt. Nothwithstanding anything herein to the contrary, in the <br /> event that the voters of the Borrower hereafter approve at an election the proposition of incurring <br /> general obligation debt for the purposes specified in this Contract, the CWCB and the Borrower <br /> hereby agree that this Contract may, at the option of the Borrower and with the approval of the <br /> CWCB, be converted to a general obligation pledge, and this Contract shall be amended to reflect <br /> provisions consistent with a general obligation pledge. <br /> B. PROJECT PROVISIONS <br /> 1. Construction Fund Program Procedures. During the completion of the PROJECT, the BORROWER <br /> shall adhere to the CWCB Construction Fund Program Procedures (Section 7) of the PROJECT <br /> SUMMARY. <br /> 2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for loan <br /> disbursements are listed in Eligible Expenses (Section 8) of the PROJECT SUMMARY. The <br /> BORROWER shall pay all of the expenses related to the Project when such bills are due. <br /> 3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the Disbursement <br /> Schedule (Section 9) of the PROJECT SUMMARY. <br /> 4. Time for Performance. The BORROWER recognizes that time is of the essence in the performance <br /> of all of its obligations under this CONTRACT. Therefore, the BORROWER shall complete the PROJECT <br /> within the time specified in Time for Performance (Section 10) of the PROJECT SUMMARY. <br /> 5. Indemnification by the Construction Firm. The BORROWER shall require all construction firms <br /> and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, <br /> and against all claims and actions based upon or arising out of damage or injury, including death, <br /> to persons or property, caused by any acts or omissions of those parties or sustained in connection <br /> with the performance of any contract related to the PROJECT or by conditions created thereby, or <br /> based upon any violation of any statute, ordinance, or regulation, and the defense of any such <br /> claims or actions. <br /> 6. Liability Insurance during Construction. During construction of the PROJECT, the BORROWER <br /> shall require the construction firm(s) and any subcontractors to maintain the following insurance <br /> coverage in the limits shown during the term of their contracts for the construction of the PROJECT. <br /> If requested by CWCB, the BORROWER shall provide the CWCB with an Acord Form 25 evidencing <br /> said insurance prior to commencement of construction and maintained until construction is <br /> complete. The BORROWER shall provide the CWCB with documentation of renewals of said <br /> insurance. No payments shall be made to the BORROWER unless all insurance certificates are <br /> Loan Contract C150408C <br /> Page 6 of 12 <br />