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3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the <br /> Disbursement Schedule, set forth in Section io of Appendix i. <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, set forth in Section u <br /> of Appendix i. <br /> S. 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 $i,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 damage. <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 /> vehicles with minimum limits of si,000,000 combined single limit for bodily injury and <br /> property damage. <br /> D. GENERAL PROVISIONS <br /> i. Periodic Inspections. Throughout the term of this CONTRACT, the BORROWER shall permit a <br /> designated representative of the CWCB to make periodic inspections of the PROJECT. Such <br /> inspections shall cover the condition of the PROJECT, operating records, maintenance records, <br /> and financial records. These inspections are solely for the purpose of verifying compliance <br /> with the terms and conditions of this CONTRACT and shall not be construed or interpreted as <br /> an approval of the actual design, construction or operation of any element of the PROJECT <br /> facilities. <br /> a. Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, and <br /> local laws and regulations that are in effect or may hereafter be established throughout the <br /> term of this CONTRACT. <br /> Page 8 of 14 <br />