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duties and 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. <br /> a. Because the BORROWER is a "public entity" within the meaning of the Colorado <br /> Governmental Immunity Act, CRS 24-10-101, et seq., as amended ("Act"), the BORROWER <br /> shall at all times 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 <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, the <br /> BORROWER shall adhere to the CWCB Construction Fund Program Procedures (Section 8) of <br /> the PROJECT SUMMARY. <br /> 2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for loan <br /> disbursements are listed in Eligible Expenses (Section 9) of the PROJECT 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 shall <br /> complete the PROJECT within the time specified in Time for Performance (Section 11) of the <br /> PROJECT SUMMARY. <br /> 5. Indemnification by the Construction Firm. The BORROWER shall require all construction <br /> firms and their subcontractors to indemnify the STATE and the BORROWER against all liability <br /> and loss, and against all claims and actions based upon or arising out of damage or injury, <br /> including death, to persons or property, caused by any acts or omissions of those parties or <br /> sustained in connection with the performance of any contract related to the PROJECT or by <br /> conditions created thereby, or based upon any violation of any statute, ordinance, or <br /> regulation, and the defense of any such claims or 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 the <br /> construction of the PROJECT. If requested by CWCB, the BORROWER shall provide the CWCB <br /> with an Acord Form 25 evidencing said insurance prior to commencement of construction and <br /> maintained until construction is complete. The BORROWER shall provide the CWCB with <br /> documentation of renewals of said insurance. No payments shall be made to the BORROWER <br /> unless all insurance certificates are current. <br /> a. Commercial general liability insurance with minimum limits of$1,000,000 combined single <br /> limit for each occurrence and $2,000,000 general aggregate. This insurance coverage <br /> shall include products/completed operations and bodily injury/property damage. <br /> Page 6 of 12 <br />