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,-... ~.- ..,. '-. ,-. 2. Time for PROJECT completion. The BORROWER shall commence with construction of the PROJECT as soon as practicable after meeting necessary preconstruction requirements of this contract to effect completion within two (2) years of the date of this contract. The PROJECT shall be constructed in accordance with the PROJECT plans and specifications and any modification(s) thereof approved by the STATE. The time for completion of the project may be extended subject to the mutual agreement of the STATE and the BORROWER. The BORROWER must provide, in writing, documented justification for request of extension sixty (60) days prior to the end of the two (2) year period for completion. The BORROWER further recognizes that time is of the essence in the performance of all of its obligations under this contract. 3. Indemnification of the STATE. The BOR~OWER shall require all CONSTRUCTION FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death to persons or property, caused by any acts or omissions of those parties or sustained in connection with the performance of any contract related to the PROJECTOr by conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or a~tions. 4. Liability insurance during construction. The BORROWER shall require the CONSTRUCTION FIRM and its subcontractors to maintain during the term of their contracts for construction of the PROJECT the following: a. Workmen's compensation insurance in the required statutory amounts, and employers' liability in the amoun1 of $200,000. b. Automobile liability insurance for all ve~,icles and comprehensive general liability insurance, both in at least the following amounts: (i) For any injury to. one person in any single occurrence, the sum of Five Hundred Thousand "-or Dollars ($500,000). (ii) For any injury to two or more perso....s in any single occurrence, the sum of One Million Dollars ($1,000,000). (iii) For any damage to property, the SUm of Five Hundred Thousand Dollars ($500,000) for each_ occurrence. Said general liability insurance shall name the BORROWER and the STATE as additional insured. No payments shall be made to the BORROWER under this contract unless copies of current certificates of all such insurance have been obtained by the BORROWER and filed with the STATE. Such filing of current certificates shall be accomplished before the beginning of construction. Notices of renewals of said policies shall also be filed with the STATE as they occur. 5. After construction, hold the STATE harmless from any liability, and maintain liability insurance coverage. The BORROWER shall, without expense or legal liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and economical manner. The BORROWER agrees to indemnify and hold the ST ATE harmless from any liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities and any other property identified in the deed of trust provisions of this contract. Until complete repayment of the loan is made to the STATE, the BORROWER shall maintain comprehensive general liability insurance covering the management, operation, and maintenance of the PROJECT in at least the following amounts: a. For any injury to one person in any single occurrence, the sum of One Hundred Fifty Thousand Dollars ($150,000). . Caryl Carroll Page3of1' Loan Contract