C150118 Paid in Full Contract

• Contract/PO #: C150118
• Contractor Name: The Kern Resevoir and Ditch company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

option without regard to prior waivers of previous defaults by the BORROWER, through
judicial proceedings to require specific performance of this contract, or by such other
proceedings in law or equity as may be deemed necessary by the CWCB to ensure
compliance with provisions of this contract and the laws and regulations under which
this contract is executed. The CWCB's exercise of any or all of the remedies
described herein shall not relieve the BORROWER of any of its duties and obligations
under this contract.
13. BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and
hold the CWCB harmless from any liability incurred by the CWCB as a result of the
CWCB's interest in the PROJECT facilities and any other property identified in Section 6
(Collateral) of the Project Summary.
14. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the
CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and
economical manner.
15. BORROWER'S Liability Insurance.
a. Upon execution of this contract and continuing until complete repayment of the loan
is made to the CWCB, the BORROWER shall maintain commercial general liability
insurance, with a company that is satisfactory to the CWCB, with minimum limits of
$1,000,000 combined single limit for each occurrence and $2,000,000 general
aggregate, including products/completed operations and personal injury.
b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB
with an Acord Form 27 evidencing said insurance and shall provide the CWCB with
documentation of renewals of said insurance.
16. Additional Contract Requirements. Any additional contract requirements are set
forth in Additional Contract Requirement (Section 7) of the Project Summary.
B. PROJECT PROVISIONS .,
c
1. Construction Fund Program Procedures. During,tFe ccd npjetion of the PROJECT, the
BORROWER shall adhere to the CWCB Construction Fund Program Procedures
(Section 8), of the Project Summary.
2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for
loan disbursements are listed in Eligible Expenses (Section 9) of the Project
Summary.
3. Loan Disbursements. The CWCB shall disburse loan funds in accordance with the
Disbursement Schedule (Section 10) of the Project Summary.
4. Time for Performance. The BORROWER recognizes that time is of the essence in the
performance of all of its obligations under this contract. Therefore, the BORROWER shall
complete the PROJECT within the time specified in Time for Performance (Section 11) of
the Project Summary.
5. Indemnification By The Construction Firm. The BORROWER shall require all
Construction Firms and their subcontractors to indemnify the CWCB and the
BORROWER against all liability and loss, and against all claims and actions based upon
or arising out of damage or injury, including death, to persons or property, caused by
any acts or omissions of those parties or sustained in connection with the performance
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