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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 Firm <br /> and its subcontractors to maintain, during the term of their contracts for construction of the <br /> PROJECT, insurance with a company that is satisfactory to the STATE, 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 STATE 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 /> property damage. <br /> c. Commercial general liability insurance with minimum limits of $1,000,000 combined single <br /> limit for each occurrence and $2,000,000 general aggregate. This insurance coverage <br /> shall include products/completed operations and personal injury. <br /> d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, <br /> hail, vandalism, and flood in an amount equal to the completed value of the PROJECT. <br /> During the time of construction, the STATE reserves the right to increase the above amount of <br /> insurance so that said amounts at a minimum correspond to the amount established by the <br /> Colorado Governmental Immunity Act, now and as hereafter amended. <br /> 7. Progress Reports. The BORROWER shall prepare a periodic progress report which contains a <br /> statement of the PROJECT tasks completed and the costs expended for that period and shall <br /> forward said statement to the STATE. <br /> C. GENERAL PROVISIONS <br /> 1. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a <br /> designated representative of the STATE to make periodic inspections of the PROJECT. Such <br /> inspections are solely for the purpose of verifying compliance with the terms and conditions of <br /> this contract. Furthermore, such inspections shall cover the concfition of the PROJECT, <br /> operating records, maintenance records, and financial records, and shall not be construed nor <br /> interpreted as an approval of the actual design and/or construction of any'element of the <br /> PROJECT facilities. <br /> 2. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, <br /> state, and local laws and regulations that are in effect or may hereafter -be established <br /> throughout the term of this contract. <br /> 3. Designated Agent Of The STATE. The CWCB's agents and employees are hereby <br /> designated as the agents of the STATE for the purpose of this contract. <br /> 4. Contract Is Not Assignable. The BORROWER may not assign this contract except with the <br /> prior written approval of the STATE. <br /> 5. Contract Relationship. The parties to this contract intend that the relationship between them <br /> Page 7 of 11 <br />