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<br />-- <br />" <br /> <br />the PROJECT rehabilitation or by conditions created thereby, or based upon an violation of any statute, <br />ordinance, or regulation, 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 rehabilitation the <br />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 <br />in 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 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 ($500,000) for each <br />occurrence. <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional insured. No <br />payments shall be made to the BORROWER under this contract unless copies of current certificates of all such <br />insurance have been 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 tei 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 from any liability incurred by the STATE as a result of the <br />STATE'S interest in the PROJECT facilities and any other property identified in the deed of trust provisions of this <br />contract. Until complete repayment of the loan is made to the STATE, the BORROWER shall maintain <br />comprehensive general liability insurance covering the management, operation, and maintenance of the PROJECT <br />in at least the following amounts: <br /> <br />a. For any injury to one person in any single occurrence, the sum of One Hundred Fifty Thousand <br />Dollars ($150,000). <br /> <br />b. For any injury to two or more persons in any single occurrence, the sum of One Million Dollars <br />($1,000,000). <br /> <br />c. For any damage to property, the sum of Five Hundred Thousand Dollars ($500,000) for each <br />occurrence. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a certificate of said <br />liability insurance must be filed with the STATE sixty (60) days prior to the completion of the PROJECT. Evidence <br />of renewal of said liability insurance is to be submitted with the annual payment which is discussed below. <br /> <br />6. BORROWER'S authority to contract. The BORROWER shall, pursuant to its articles of incorporation and to <br />its by-laws, have its board of directors adopt an order or a resolution, which shall be irrepealable during the life <br />of the loan, authorizing the President and Secretary, on behalf of the BORROWER, to do the following: <br /> <br />a. Contract for this loan with the STATE, and to pay the indebtedness, and <br /> <br />BEAVER RESERVOIR COMPANY <br /> <br />Page 3 of 11 <br /> <br />LOAN CONTRACT <br />