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13. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until <br /> complete repayment of the loan is made to the CWCB, the BORROWER shall maintain <br /> commercial general liability insurance with a company that is satisfactory to the CWCB <br /> covering the management, operation, and maintenance of the PROJECT with minimum limits <br /> of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, <br /> including products/completed operations and personal injury. <br /> Said general liability insurance shall name the CWCB as additional insured. The BORROWER <br /> shall provide the CWCB with a certificate of said insurance and an additional insured <br /> endorsement, and shall provide the CWCB with documentation of renewals of said insurance. <br /> The CWCB will not disburse any loan funds without evidence of said insurance coverage. <br /> Throughout the life of this contract, the CWCB reserves the right to increase the above <br /> amount of insurance so that said amounts at a minimum correspond to the amount <br /> established by the Colorado Governmental Immunity Act, now and as hereafter amended. <br /> B. PROJECT PROVISIONS <br /> 1. Construction Fund Program Procedures. During the completion of the Project, the <br /> BORROWER shall adhere to the to the CWCB Construction Fund Program Procedures (Section <br /> 6) of the Project Summary. <br /> 2. Eligible Expenses. Listed in Eligible Expenses (Section 7) of the Project Summary, are <br /> the project expenses for which the Borrower is eligible for loan disbursement. <br /> 3. Loan Disbursements. The BORROWER shall provide to the CWCB a report prior to each loan <br /> disbursement that states the PROJECT tasks completed and the costs expended for that <br /> period. The CWCB shall disburse loan funds in accordance with the Disbursement Schedule <br /> (Section 8) of the Project SI Imma y. <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. Thergfore, ,the BORROWER shall <br /> complete the PROJECT within the time specified in Time for Perfrritta;rce ((ebtion 9) of the <br /> Project Summary. .. .. <br /> 5. Indemnification By The Construction Firm. The BOR-. ER shall require all Construction"� <br /> Firms and their subcontractors to indemnify the CWCB an�Y° B RFTW iftst all-liability <br /> and loss, and against all claims and actions based uponorjrit4rig dtfilofit)ia ri geor injury, <br /> including death, to persons or property, caused by any acts or orris fbns l' ,those-Partiesior <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- The BORROWER shall require the Construction <br /> Firm and its subcontractors to maintain, during the term of their contracts for construction of <br /> the PROJECT, insurance with a company that is satisfactory to the CWCB, in the limits shown <br /> below. No payments shall be made to the BORROWER unless all proof of insurance is current. <br /> The BORROWER shall file notices of renewals of said policies with the CWCB as renewals <br /> occur. <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 hired <br /> vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and <br /> Town of Monument Page 5 of 9 Loan Contract <br />