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14. BORROWER'S Liability Insurance. <br /> a. Because the BORROWER is a "public entity" within the meaning of the Colorado <br /> Governmental Immunity Act, CRS 24-10-101, et seq., as amended ("Act"), the <br /> BORROWER shall at all times maintain such liability insurance, by commercial policy <br /> or self-insurance as is necessary to meet its liabilities under the Act. <br /> b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCB <br /> with an Acord Form 25 or other form satisfactory to the CWCB evidencing said <br /> insurance and shall provide the CWCB with documentation of renewals of said <br /> insurance. <br /> 15. Additional Contract Requirements. Any additional contract requirements are set <br /> forth in Additional Contract Requirement (Section 6) of the Project Summary. <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 <br /> (Section 7) of the Project Summary. <br /> 2. Eligible Expenses. The PROJECT expenses for which the BORROWER is eligible for <br /> loan disbursements are listed in Eligible Expenses (Section 8) of the Project <br /> Summary. <br /> 3. Loan Disbursements. The CWCB shall disburs 0 n cordance with the <br /> Disbursement Schedule (Section 9) of the Project' <br /> 4. Time for Performance. The BORROWER re iz tt$a i m- is of th _essence in the <br /> performance of all of its obligations under this ct. .; f• ej he ORROWER shall <br /> complete the PROJECT within the time specified me' R r ction 10) of <br /> the Project Summary. <br /> 5. Indemnification By The Construction Firm (If Applicable]. The BORROWER shall <br /> require all Construction Firms and their subcontractors to indemnify the STATE and the <br /> BORROWER against all liability and loss, and against all claims and actions based upon <br /> or arising out of damage or injury, including death, to persons or property, caused by <br /> any acts or omissions of those parties or sustained in connection with the performance <br /> of any contract related to the PROJECT or by conditions created thereby, or based upon <br /> any violation of any statute, ordinance, or regulation, and the defense of any such <br /> claims or actions. <br /> 6. Liability Insurance During Construction (If Applicable]. During construction of the <br /> PROJECT, the BORROWER shall require the construction firm(s) and any subcontractors <br /> to maintain the following insurance coverage in the limits shown during the term of their <br /> contracts for the construction of the PROJECT. The BORROWER shall provide the CWCB <br /> with an Acord Form 27 evidencing said insurance prior to commencement of <br /> construction, maintained until construction is complete, and shall provide the CWCB <br /> with documentation of renewals of said insurance. No payments shall be made to the <br /> Loan Contract C150312 <br /> Page 6 of 12 <br />