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<br />acts or omissions of those parties or sustained in con(1ection with the performance of any cO,ntract related to
<br />the PROJECT or by conditions created thereby, or based llPon an violation of any statute, ordinance, or regulation,
<br />and the defense of any such claims or actions.
<br />
<br />4. Liability 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. Workmen's compensation in the required statutory amounts, and employers' liability insurance in
<br />the amount of $200,000.
<br />
<br />b, Automobile liability insurance, for all vehicles and comprehensive 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 Dollars
<br />($500,000).
<br />
<br />(ii) For any injury to two or more persons in any single occurrence, the sum of One Million Dollars
<br />($1,000,000),' ;
<br />
<br />(iii) For any damage to property, the sum of Five Hundred Thousand Dollars ($500,0001 for each
<br />occurrence. .~~
<br />
<br />, Said general liability insurance shall name the BORROWER and the STATE as adcr.tiifll~T insured. No
<br />payments shall be made to the BORROWER under this cpntract unless copies of current certificates of all such
<br />insurance have be,en obtained by the BORROWER and filed with the STATE. Such filing of current certificates shall
<br />be accomplished before the beginning of construction, Notices of renewals of said policies shall also be filed
<br />with the STATE as they occur.
<br />
<br />5. Liability'insurance after construction. The BORROWER shall, without expense or legal liability to the
<br />STATE, manage, operate, and maintain the PROJECT continuously in an efficient and economical manner, Until
<br />complete repayment of the loan' is made to the STATS, the BORROWER shall maintain comprehensive general
<br />liability insurance covering the management, operation, and maintenance ofthe PROJECT as described below.
<br />
<br />BORROWER is a "public ~ntity" within the meiming of the Colorado Governmental Immunity Act, CRS 24-10-,
<br />101, et seq., as amended ("Act"), the BORROWER shall at all times during the term of this contract maintain such
<br />liability insurance, ,by commercial policy or self-insurance, as is necessary to meet its liabilities under the Act.
<br />Said insurance shall name the STATE as additional insllred. A copy of a certificate of said liability insurance
<br />must be filed with the, STATE sixty (60) days prior to the completion of the PROJECT.
<br />
<br />, 6., BORROWER'S authority to contract. The BORROWER shall, pursuant to its statutory authority which is
<br />contained in Article 1, Title 32, CRS, have its board of cfirectors adopt a resolution, which shall be irrepealable
<br />during the life of the loan, authorizing the President end Secretary, on behalf of the BORROWER, to do the
<br />following:
<br />
<br />a, Contract for this loan with the STATE, and to pay the indebtedness, and
<br />
<br />b, Allocate water funds derived from water user fees from existing and future homeowners and of the
<br />infrastructure fees from future home construction sufficient to payoff the loan made under this
<br />contract, and
<br />
<br />c. Sign a security interest in the revenues pledged herein in favor of the STATE to secure the repayment
<br />of this loan to the STATE.
<br />
<br />Such resolution shall be attached hereto as Appendi" B and included herein prior to the STATE'S performance
<br />under this contract,
<br />
<br />CASTLE PINES NORTH METRO DISTRICT
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<br />Page 3 of 11,
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<br />LOAN CONTRACT
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