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<br />12, BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and <br />hold the CWCB harmless from any liability incurred by the CWCB as a result of the <br />CWeB's interest in the PROJECT facilities and any other property identified in Section 4 <br />(Collateral) of the Project Summary. <br /> <br />13, Operation of PROJECT. The BORROWER shall, without expense or legal liability to the <br />CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. <br /> <br />14. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until <br />complete repayment of the loan is made to the CWCB, the BORROWER shall maintain <br />commercial general liability insurance with a company that is satisfactory to the CWCB <br />covering the management, operation, and maintenance of the PROJECT with minimum limits <br />of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, <br />including products/completed operations and personal injury. <br /> <br />a. Said general liability insurance shall name the CWCB as additional insured. The <br />BORROWER shall provide the CWCB with a certificate of said insurance and an additional <br />insured endorsement, and proof of renewals of said insurance. <br /> <br />b. The CWCB shall not disburse any loan funds without evidence of said insurance <br />coverage. <br /> <br />c. Throughout the life of this contract, the CWCB reserves the right to increase the above <br />amount of insurance. <br /> <br />B. PROJECT PROVISIONS <br /> <br />1. Construction Fund Program Procedures. During the completion of the PROJECT, the <br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures (Section 6), <br />of the Project Summary. <br /> <br />2. Eligible Expenses. The items for which the BORROWER is eligible for loan <br />disbursements are listed in Eligible Project Expenses (Section 7), of the Project <br />Summary. <br /> <br />3. Loan Disbursements. The BORROWER shall provide to the CWCB a report prior to each <br />loan disbursement that states the PROJECT tasks completed and the costs expended for <br />that period. The CWCS shall disburse loan funds in accordance with the Disbursement <br />Schedule (Section 8) of the Project Summary. <br /> <br />4, Time for Performance. The BORROWER recognizes that time is of the essence in the <br />performance of all of its obligations under this contract. Therefore, the BORROWER shall <br />complete the PROJECT within the time specified in Time For Performance (Section 9) of the <br />project Summary. <br /> <br />5. Indemnification By The Construction Firm. The BORROWER shall require all <br />construction Firms and their subcontractors to indemnify the eWCB and the BORROWER <br />against all liability and loss, and against all claims and actions based upon or arisir:lg out of <br /> <br />Page 5 of 10 <br /> <br />Loan Contract <br />