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<br />- <br /> <br /> <br />CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. <br /> <br />14. BORROWER'S Liability Insurance. <br /> <br />a. Upon execution of this contract and continuing until complete repayment of the loan is <br />made to the CWCB, the BORROWER shall maintain commercial' general liability <br />insurance, with a company that is satisfactory to the CWCS, with minimum limits of <br />$1,000,000 combined single limit for each occurrence and $2,000,000 general <br />aggregate, including products/completed operations and personal injury. <br /> <br />b. Prior to the disbursement of any loan funds, the BORROWER shall provide the CWCS <br />with an Acord Form 27 evidencing said insurance and shall provide the CWCB with <br />documentation of renewals of said insurance, <br /> <br />B. PROJECT PROVISIONS <br /> <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 <br />7), of the Project Summary. <br /> <br />2. Eligible Expenses. The items for which the BORROWER is eligible for loan <br />disbursements are listed in Eligible Project Expenses (Section 8) of the Project <br />Summary, <br /> <br />3, Loan Disbursements. The BORROWER shall provide to the CWCB a report prior to each <br />loan disbursement that states the PROJECT tasks completed and the costs expended for <br />that period. The CWCB shall disburse loan funds in accordance with the Disbursement <br />Schedule (Section 6) of the Project Summary, <br /> <br />4. Time for Performance. The BORROWER recognizes that time is 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 <br />the Project Summary, <br /> <br />5, Indemnification By The Construction Firm. The BORROWER shall require all <br />Construction Firms and their subcontractors to indemnify the CWCB and the BORROWER <br />against all liability and loss, and against all claims and actions based upon or arising out <br />of damage or injury, including death, to persons or property, caused by any acts or <br />omissions of those parties or sustained in connection with the performance of any <br />contract related to the PROJECT or by conditions created thereby, or based upon any <br />violatlon of any statute, ordinance, or regulation, and the defense of any such claims or <br />actions. <br /> <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 during the term of their contracts for the <br />construction of the PROJECT. The BORROWER shall provide the CWCB with an Acord Form <br />27 evidencing said insurance prior to commencement of construction, maintained until <br />construction is complete, and shall provide the CWCS with documentation of renewals of <br />said insurance. No payments shall be made to the BORROWER unless all insurance <br />certificates are current. <br /> <br />Page 5 of9 <br /> <br />Loan Contract <br />