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insured. An additional insured endorsement and a current copy of a certificate of said liability <br /> insurance must be provided to the STATE prior to commencement of construction and <br /> maintained until construction is complete. No payments shall be made to the BORROWER <br /> unless all insurance certificates are current. Notices of renewals of said policies shall also be <br /> filed with the STATE as they occur. <br /> During the time of construction, the STATE reserves the rig • '' - :e bove amount of <br /> insurance so that said amounts at a minimum corr- ;v.. • to the am stablished by the <br /> Colorado Governmental Immunity Act, now and as h ; r a <br /> 5. BORROWER'S Indemnification Of The STATE. The BORROW i, • xpense or legal <br /> liability to the STATE, manage, operate, and maintain the PROJECT coni . • - in an efficient <br /> and economical manner. The BORROWER agrees to indemnify and hold the STATE harmless <br /> from any liability incurred by the STATE as a result of the STATE'S interest in the PROJECT <br /> facilities and any other property identified in the Collateral Provisions of this contract. <br /> 6. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until <br /> complete repayment of the loan is made to the STATE, the BORROWER shall maintain <br /> commercial general liability insurance with a company that is satisfactory to the STATE <br /> covering the management, operation, and maintenance of the PROJECT with minimum limits <br /> of$1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, <br /> including products/completed operations and personal injury. <br /> Said general liability insurance shall name the STATE as additional insured. A copy of a <br /> certificate of said insurance and an additional insured endorsement must be filed with the <br /> STATE. Evidence of current insurance coverage is to be provided as renewals occur. No • <br /> loan funds shall be advanced by the STATE without evidence of said current coverage. <br /> Throughout the life of this contract, the STATE reserves the right to increase the above <br /> amount of insurance so that said amounts at a minimum correspond to the amount <br /> established by the Colorado Governmental Immunity Act, now and as hereafter amended. <br /> 7. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory <br /> authority, articles of incorporation, and by-laws, have its stockholders and board of directors <br /> adopt resolutions, irrepealable during the life of this loan, authorizing the President and <br /> Secretary, on behalf of the BORROWER, to do the following: <br /> a. To enter into and comply with the terms of this contract and the promissory note, and to <br /> pay the indebtedness, <br /> b. To levy and collect assessments in an amount sufficient to pay the annual amounts due <br /> under this contract and to pledge the assessment revenues and the BORROWER'S right to <br /> receive said revenues from its stockholders for repayment of this loan, in accordance with <br /> the Pledge of Property Provisions herein, <br /> c. To place the pledged assessment revenues in a special account separate and apart from <br /> other BORROWER revenues, in accordance with the Pledge of Property Provisions herein, <br /> d. To make annual payments in accordance with the promissory note, <br /> The Agricultural Ditch and Reservoir Company Page 4 of 14 Loan Contract <br />