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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 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 minimum limits of <br /> $1,000,000 combined single limit for each occurrence and $2,000,000 general <br /> aggregate, including products/completed operations and personal injury. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB with <br /> an Acord Form 25 evidencing said insurance and shall provide the CWCB with <br /> documentation of renewals of said insurance. <br /> 17. Additional Contract Requirements. Any additional contract requirements are set forth in <br /> Additional Conditions & Contract Requirements, 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 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 contractor and any subcontractors to maintain the <br /> following insurance coverage, in the limits shown, during the term of their contracts and until <br /> the PROJECT is complete. CWCB may request proof of construction contractor's and <br /> subcontractor's insurance during the term of the PROJECT. <br /> a. Commercial general liability insurance with minimum limits of $1,000,000 combined <br /> Page 7 of 13 <br />