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construction is complete. No payments shall be made to the BORROWER unless all insurance <br /> certificates are current. The BORROWER shall file notices of renewals of said policies with the <br /> STATE as renewals occur. <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 /> 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 <br /> and economical manner. The BORROWER agrees to indemnify and hold the STATE harmless <br /> from any liability incurred by the STATE as a result of the STATE'S interest in the PROJECT <br /> facilities and any other property identified in the Collateral Provisions of this contract. <br /> 6. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until <br /> complete repayment of the loan is made to the STATE, the BORROWER shall maintain <br /> commercial general liability insurance with a company that is satisfactory to the STATE covering <br /> 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. <br /> Said general liability insurance shall name the STATE as additional insured. The BORROWER <br /> shall provide the STATE with a certificate of said insurance and an additional insured <br /> endorsement, and shall provide the STATE with documentation of renewals of said insurance. <br /> The STATE will not disburse any loan funds without evidence of said insurance coverage. <br /> Throughout the life of this contract, the STATE reserves the right to increase the above amount <br /> of 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. C <br /> 7. BORROWER'S Authority To Contract. The BORROWERRs#�l ,PrThIt EULLutory authority, <br /> articles of incorporation and by-laws, have its stockholders and board of directors adopt <br /> resolutions, irrepealable during the life of this loan, authorizing the President and Secretary, on <br /> behalf of the BORROWER, to do the following: <br /> a. To enter into and comply with the terms of this contract and the promissory note, and <br /> b. To levy assessments in an amount sufficient to pay the annual amounts due under this <br /> contract, and to pledge assessment revenues and the BORROWER'S right to receive said <br /> revenues for repayment of the loan, and <br /> c. To place the assessment revenues pledged to make annual loan payments in a special <br /> account separate and apart from other BORROWER revenues in accordance with the Pledge <br /> of Property Provisions of this contract, and <br /> d. To make annual payments in accordance with the promissory note, and <br /> e. To make annual deposits to a debt service reserve fund in accordance with the Pledge of <br /> Property Provisions of this contract, and <br /> f. To pledge as collateral for the loan the Left Hand Valley Dams and Reservoir owned by the <br /> Left Hand Ditch Company Page 4 of 13 Loan Contract <br />