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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 Acord <br /> Form 25 evidencing said insurance prior to commencement of construction, maintained <br /> until construction is complete, and shall provide the CWCB with documentation of <br /> renewals of said insurance. No payments shall be made to the BORROWER unless all <br /> insurance certificates are current. <br /> a. Worker's compensation and employer's liability insurance in the required statutory <br /> amounts. <br /> b. Automobile liability insurance that includes coverage for all owned, non-owned and <br /> hired vehicles with minimum limits of $1,000,000 combined single limit for bodily <br /> injury and property damage. <br /> c. Commercial general liability insurance with minimum limits of $1,000,000 combined <br /> single limit for each occurrence and $2,000,000 general aggregate. This insurance <br /> coverage shall include products/completed operations and bodily injury/property <br /> damage. <br /> C. GENERAL PROVISIONS <br /> 1. Periodic Inspections. Throughout the term of this CONTRACT, the BORROWER shall <br /> permit a designated representative of the CWCB to make periodic inspections of the <br /> PROJECT. Such inspections shall cover the condition of the PROJECT, operating records, <br /> maintenance records, and financial records. These inspections are solely for the <br /> purpose of verifying compliance with the terms and conditions of this CONTRACT and <br /> shall not be construed nor interpreted as an approval of the actual design, construction <br /> or operation of any element of the PROJECT facilities. <br /> Page 7 of 12 <br />