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15. 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 /> 16. BORROWER'S Liability Insurance. <br /> a. Upon execution of this CONTRACT and continuing until complete repayment of the <br /> loan is made to the CWCB, the BORROWER shall maintain commercial general <br /> liability insurance, with a company that is satisfactory to the CWCB, with minimum <br /> limits of $1,000,000 combined single limit for each occurrence and $2,000,000 <br /> general aggregate, including products/completed operations and personal injury. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB <br /> with an Acord Form 25 evidencing said insurance and shall provide the CWCB with <br /> documentation of renewals of said insurance. <br /> 17. Additional Contract Requirements. Any additional contract requirements are set <br /> forth in Additional Contract Requirement (Section 7) 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 8), 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 9) of the PROJECT <br /> SUMMARY. <br /> 3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br /> Disbursement Schedule (Section 10) 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 /> 11) 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 <br /> Acord Form 25 evidencing said insurance prior to commencement of construction, <br /> maintained until construction is complete, and shall provide the CWCB with <br /> Page 6 of 12 <br />