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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 Association that is satisfactory to the CWCB, with <br /> minimum limits of $1,000,000 combined single limit for each occurrence and <br /> $2,000,000 general aggregate, including products/completed operations and <br /> personal injury. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the <br /> CWCB with an Acord Form 25 evidencing said insurance and shall provide the <br /> CWCB with documentation of renewals of said insurance. <br /> 17.Additional Contract Requirements. Any additional contract requirements are set <br /> forth in Additional Conditions & Contract Requirements (Section 7) of the PROJECT <br /> SUMMARY. <br /> B. PROJECT PROVISIONS <br /> 1. Construction Fund Program Procedures. During the completion of the PROJECT, <br /> the BORROWER shall adhere to the CWCB Construction Fund Program Procedures <br /> (Section 9), 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 10) of the PROJECT <br /> SUMMARY. <br /> 3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br /> Disbursement Schedule (Section 11) 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 /> 12) 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 <br /> BORROWER against all liability and loss, and against all claims and actions based upon <br /> or arising out of damage or injury, including death, to persons or property, caused by <br /> any acts or omissions of those parties or sustained in connection with the <br /> performance of any contract related to the PROJECT or by conditions created thereby, <br /> or based upon any violation of any statute, ordinance, or regulation, and the defense <br /> of any such claims or actions. <br /> 6. Liability Insurance during Construction. During construction of the PROJECT, the <br /> BORROWER shall require the construction contractor and any subcontractors to <br /> maintain the following insurance coverage, in the limits shown, during the term of their <br /> Page 6 of 12 <br />