Laserfiche WebLink
<br />regulation, and the defense of any such claims or actions. <br /> <br />5. 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. 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 />Ii) For any injury to one person in any single occurrence, the sum of Five Hundred Thousand <br />Dollars ($500,000). <br /> <br />(iil For any injury to two or more persons in any single occurrence, the sum of One Million <br />Dollars ($1.000,000). <br /> <br />(Iii) For any ,damage to property, the 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 certificates of all such insurance have been obtained by the <br />BORROWER and filed with the STATE. Such filing of current certificates shall be ace' re the beginning <br />of. construction. In order to assure prompt payment of loan funds to th newals of said <br />policies shall be filed with the STATE as they occur. During the . e of con erves the right <br />to increase the above amounts of insurance so that said am s at a to the amount <br />established by the Colorado Governmental 1m no shere <br /> <br /> <br />ex r legal liability to the STATE, <br />fiele economical manner. The BORROWER <br />the ext 1I0wed by law, from any liability incurred by <br />ECT facilities and any other property identified in the <br /> <br />6. BORROWER'S liability Insurance. The <br />manage, operate. and maintain the PROJECT cont <br />agrees to indemnify and hold'the STATE harmless <br />the STATE as a result of the STATE'S interest in tli <br />collateral provisions of this contract. <br /> <br />BORROWER is a .publicentity. 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: -'f..',' <br /> <br />a. Enter into and comply with the terms of this loan contract with the STATE, 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 />Page30fll <br /> <br />LOAN CONTRACT <br /> <br />r( <br />