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• <br /> economical manner. <br /> 16. BORROWER'S Liability Insurance. <br /> a. Upon execution of this contract and continuing until complete repayment of the loan is <br /> made to the CWCB, the BORROWER shall maintain commercial general liability <br /> insurance, with a company that is satisfactory to the CWCB, with&rimum limits of <br /> $1,000,000 combined single limit for each occurre and $2,000,000 general <br /> aggregate, including products/completed operations and on.' i <br /> b. Prior to the disbursement of any loan funds, the BORROWER sh o CWCB with <br /> an Acord Form 27 evidencing said insurance and shall provid ,CB with <br /> documentation of renewals of said insurance. <br /> 17. Additional Contract Requirements. Any additional contract requirements are set forth in <br /> Additional Contract Requirement (Section 7) of the Project 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), <br /> of 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 <br /> Construction Firms and their subcontractors to indemnify the CWCB and the BORROWER <br /> against all liability and loss, and against all claims and actions based upon or arising out of <br /> damage or injury, including death, to persons or property, caused by any acts or omissions <br /> of those parties or sustained in connection with the performance of any contract related to <br /> the PROJECT or by conditions created thereby, or based upon any violation of any statute, <br /> ordinance, or 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. The BORROWER shall provide the CWCB with an Acord Form <br /> 27 evidencing said insurance prior to commencement of construction, maintained until <br /> construction is complete, and shall provide the CWCB with documentation of renewals of <br /> said insurance. No payments shall be made to the BORROWER unless all insurance <br /> certificates are current. <br /> a. Builder's risk insurance for construction in progress for all perils of loss including fire, <br /> wind, hail, and vandalism in an amount equal to the completed value of the PROJECT. <br /> b. Worker's compensation and employer's liability insurance in the required statutory <br /> amounts. <br /> c. Automobile liability insurance that includes coverage for all owned, non-owned and hired <br /> Page 5of9 <br />