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<br />,~ <br />, ; .:~:. - l <br /> <br />regulation, and the defense of any such claims or actions. <br /> <br />5. Uability insurance during construction. The BORROWER shall require the CONSTRUCTION FIRM and its <br />subcontractors to maintain during the term of their Contracts for construction of the PROJECT the following: <br /> <br />a. Worker's compensation and employers' liability insurance in the required statutory amounts. <br /> <br />b. Automobile liability insurance for all vehicles and commercial general liability insurance, both in <br />at least the following amounts: <br /> <br />(i) For any injury to one person in any single occurrence, the sum of Five Hundred Thousand <br />Dollars ($500,000). <br /> <br />(ii) For any injury to two or more parsons in any single occurrence, the sum of One Million <br />Dollars ($1,000,000). <br /> <br />(iii) For any.damage to property, tha sum of Five Hundred Thousand Dollars ($500,000) for <br />each occurrence. <br /> <br />Said general liability insurance shall be with an insurance company that is satisfactory to the STATE <br />and shall name the BORROWER and the STATE as additional insured. No payments shall be made to the BORROWER <br />under this contract unless copies of current certifi~ates of all such insurance have been obtained by the <br />BORROWER and filed with the STATE. Such filing of current certificates shall be accomplished before the beginning <br />of construction. In order to assure prompt payment of loan funds to the BORROWER, notices of renewals of said <br />policies shall be filed with the STATE as they occur. Dl.Iring the time of construction, the State reserves the right <br />to increase the above amounts of insurance so that said amounts at a minimum correspond to the amount <br />established by the Colorado Governmental Immunity Act, now and as hereafter amended. <br /> <br />6. BORROWER'S liability insurance. The BORROWER shall, without expense or legal liability to the STATE, <br />manage, operate, and maintain the PROJECT continuously in an efficient and economical manner. The BORROWER <br />agrees to indemnify and hold the'STATE harmless, to the extent allowed by law, from any liability incurred by <br />the STATE as a result of the STATE'S interest in the f>ROJECT facilities and any other property identified in the <br />collateral provisions of this contract. <br /> <br />BORROWER is a "public entity" within the meaning of the Colorado Governmental Immunity Act, CRS 24- <br />10-101, et seq., as amended (" Act"), the BORROWER shall at all times during the term of this contract maint~:n <br />such liability insurance, by commercial policy or self-insurance, as is necessary to meet its liabilities under the <br />Act. Said insurance shall name the STATE as additional insured. A current certificate of said liability insurance <br />and an additional insured endorsement must be filed with the STATE upon execution of this contract, and a <br />certificate provided upon each subsequent renewal. <br /> <br />7. BORROWER'S authority to contract. The BORROWER shall, pursuant to its statutory authority, have <br />its boards of directors adopt a joint resolution, which shall be irrepealable during the life of the loan, authorizing <br />the BORROWER to do the following: <br /> <br />a. Enter into and comply with the terms of this loan contract with the ST ATE, and <br /> <br />b. Execute the deed of trust as security required by the STATE as specified in the Collateral <br />Provisions of this contract, and <br /> <br />c. Allocate funds derived from water USer service charges from existing and future homeowners, <br />and all of the infrastructure fees from future home construction in an amount sufficient to make the <br />annual installment payments required under this contract, and <br /> <br />d. Place the money allocated from said service charges and infrastructure fees each year into a <br />separate account, apart from other BORROWER revenues, to assure repayment of this loan to the <br />STATE, and <br /> <br />CASTLE PINES NORTH METRO DISTRICT <br /> <br />Page 3 of 11 <br /> <br />LOAN CONTRACT <br /> <br />:( <br />