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actions. <br />4. Liability Insurance During Construction. The BORROWER Shall fequi�2 thB CONSTRUCTION FIRM <br />and its subcontrectors to maintain during the term of their contracts for construction of the PRO:fecT <br />the following insurance with a company that is satisfactory to the ST,4Tc: <br />a. Worker's compensation and employer's liability insurance in the required statutory amounts. <br />b. Automobile liability insurance which includes coverage for all owned, non-owned and hired <br />vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property <br />damage. <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for <br />each occurrence and $2,000,000 general aggregate. This insurance coverage shail include <br />products/compieted operations and personal injury. <br />d. Builder's risk for construction in progress fof all perils of loss including fire, wind, hail, vandalism, <br />and flood in an amount equal to the completed value of the PRO�ECT. <br />Said general liability insurance shail name the BoRROwER and the SrqrE as additional insured. An <br />additionai insured endorsement and a current copy of a certificate of said liability insurance must be <br />provided to the STATE prior to commencement of construction and maintained untii construction is <br />compiete. No payments shall be made to the BORROWER unless all insurance Certificates are current. <br />Notices of renewals of said policies shall also be filed with the STnrE as they occur. <br />During the time of construction, the Sra,rE reserves the right to increase the above amount of <br />insurance so thaC said amounts at a minimum correspond to the amount established by the Colorado <br />Govemmental Immunity Act, now and as hereafter amended. <br />5. BORROWER'S 111d2mnlfiC2tlon Of Th2 STATE. 7he BORROWER Shall without expense or legal liability <br />to the STATE, manage, operete, and maint�in the PROJECT continuousiy in an , efficient and <br />economicai manner. The BoRROwER agrees to indemnify and hold the STa,rE hartnless from any <br />liability incurred 6y the STATE as a result of the 5TATE interest in the PRO�ECT facilities and any other <br />property identified in the Collateral Provisions of this contract. <br />6. BORROWER Liability insurance. Upon execution of this contract and conGnuing until complete <br />repayment of the loan is made to the STATE the BORROWER Sh211 maintain commercial general <br />liability insurance with a company that is satisfactory to the STATE covering the management, <br />operation, and maintenance of the PRO�ECT with minimum limits of $1,000,000 combined single limit <br />for each occurrence and $2,000,000 general aggregate, including products/completed operations and <br />personai injury. <br />Said general liability insurance shall name the STqTE as additional insured. A copy of a certificate of <br />said insurance and an additional insured endorsement must be filed with the STa'rE. Evidence of <br />current insurance coverage is to be provided as renewals occur. No loan funds shall be advanced by <br />the SrATe without evidence of said current coverage. Throughout the life of this contract, the STArE <br />reserves the right to increase the above amount of insurance so that said amounts at a minimum <br />correspond to the amount established by the Colorado Govemmental Immunity Act, now and as <br />hereafter amended. <br />7. BORROWER Authority To Co�tract. The BORROWER Sh811 pursuant to its statutory authority, <br />articles of incorporation, and by-laws, have its stockholders and board of directors adopt resolutions, <br />irrepealabie during the life of this loan, authorizing the President and Secretary, on behalf of the <br />Bo�RowER, to do the following: <br />a. To enter into and comply with the terms of this contract and the promissory note, and to pay the <br />Summit Reservoir & Irrigation Company Page 3 of 11 Loan Contract <br />