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to ensure compliance with provisions of this CONTRACT and the laws and regulations <br /> under which this CONTRACT is executed. The CWCB's exercise of any or all of the <br /> remedies described herein shall not relieve the BORROWER of any of its duties and <br /> obligations 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. Because the BORROWER is a "public entity" within <br /> the meaning of the Colorado Governmental Immunity Act, CRS 24-10-101, et seq., as <br /> amended ("Act"), the BORROWER shall at all time maintain such liability insurance, by <br /> commercial policy or self-insurance as is necessary to meet its liabilities under the Act. <br /> 15.Additional Contract Requirements. Any additional CONTRACT requirements are set <br /> forth in Additional Conditions & Contract Requirements (Section 6) of the PROJECT <br /> SUMMARY. <br /> 16.CWCB agrees that it is a political subdivision and that the obligations of the <br /> Borrower hereunder are not and will not be specifically pledged by CWCB as <br /> security or collateral for an issuance of securities by CWCB. <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 (Section 7) of <br /> 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. The BORROWER shall pay all of the expenses related to the Project when <br /> such bills are due. <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 <br /> or 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 <br /> or actions. <br /> Page 6of12 <br />