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and the laws and regulations under which this contract is executed. The CWCB's exercise of <br /> any or all of the remedies described herein shall not relieve the BORROWER of any of its duties <br /> and obligations under this contract. <br /> 12. BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and hold <br /> the CWCB harmless from any liability incurred by the CWCB as a result of the CWCB's <br /> interest in the PROJECT facilities and any other property identified in Section 4 (Collateral) of <br /> the Project Summary. <br /> 13. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the CWCB, <br /> manage, operate, and maintain the PROJECT continuously in an efficient and economical <br /> manner. <br /> 14. 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 of <br /> $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, <br /> including products/completed operations and personal injury. The BORROWER shall provide the <br /> CWCB with a certificate of said insurance and proof of renewals of said insurance. The <br /> CWCB shall not disburse any loan funds without evidence of said insurance coverage. <br /> B. PROJECT PROVISIONS <br /> 1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br /> BORROWER shall adhere to the CWCB Construction Fund Program Procedures (Section 6), of <br /> the Project Summary. <br /> 2. Eligible Expenses. The items for which the BORROWER is eligible for loan disbursements <br /> are listed in Eligible Project Expenses (Section 7) of the Project Summary. <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 Summary. <br /> kv <br /> 4. Time for Performance. The BORROWER recognizes that-time is r 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 (Section 9) of the <br /> Project Summary. ' <br /> ra _ <br /> 5. Indemnification By The Construction Firm. The f rARowER-shall+equire tIr'Construction <br /> Firms and their subcontractors to indemnify the CWCB 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 firm(s) and any subcontractors to maintain the <br /> following insurance coverage in the limits shown with a company that is satisfactory to the <br /> Page 4 of 8 Loan Contract <br />