Laserfiche WebLink
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 /> 5. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or legal <br /> liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br /> economical manner. The BORROWER agrees to indemnify and hold the STATE harmless from any <br /> liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities and any <br /> other property identified in the Collateral Provisions of this contract. <br /> 6. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until complete <br /> repayment of the loan is made to the STATE, the BORROWER shall maintain commercial general <br /> liability insurance with a company that is satisfactory to the STATE covering the management, <br /> operation, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single <br /> limit for each occurrence and $2,000,000 general aggregate, including products/completed <br /> operations and personal injury. <br /> Said general liability insurance shall name the STATE as additional insured. A copy of a certificate <br /> of said insurance and an additional insured endorsement must be filed with the STATE. Evidence <br /> of current insurance coverage is to be provided as renewals occur. No loan funds shall be <br /> advanced by the STATE without evidence of said current coverage. Throughout the life of this <br /> contract, the STATE reserves the right to increase the above amount of insurance so that said <br /> amounts at a minimum correspond to the amount established by the Colorado Governmental <br /> Immunity Act, now and as hereafter amended. <br /> 7. BORROWER'S Authority To Contract. The BORROWER shall, pursuant to its statutory authority, <br /> articles of incorporation, and by-laws, have its members and board of directors adopt resolutions, <br /> irrepealable during the life of this loan, authorizing the President and Secretary, on behalf of the <br /> BORROWER, to do the following: <br /> a. To enter into and comply with the terms of this contract and the promissory note, and to pay <br /> the indebtedness, <br /> b. To levy and collect dues and assessments in an amount sufficient to pay the annual amounts <br /> due under this contract and to pledge those revenues and the BORROWER'S right to receive <br /> said revenues from its members for repayment of this loan, in accordance with the Pledge of <br /> Property Provisions herein, <br /> c. To place the dues and assessment revenues pledged to make annual loan payments in a <br /> special account separate and apart from other BORROWER revenues, in accordance with the <br /> Pledge of Property Provisions herein, <br /> d. To make annual payments in accordance with the promissory note, <br /> e. To make annual deposits to a debt service reserve fund in accordance with the Pledge of <br /> Property Provisions herein, <br /> f. To obtain a certificate of deposit to serve as collateral in the amount of one annual loan <br /> payment ($3,518.05) as security for the loan, and execute an assignment of certificate of <br /> deposit as described in the Collateral Provisions herein, <br /> g. To execute a Deed of Trust to convey a security interest to the STATE in the BORROWER'S new <br /> Smith Irrigation Ditch Page 4 of 13 Loan Contract <br />