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<br />and loss, and against all claims and actions based upon or arising out of damage or injury, <br />including death, to persons or property, caused by any acts or omissions of those parties or <br />sustained in connection with the performance of any contract related to the PROJECT or by <br />conditions created thereby, or based upon any violation of any statute, ordinance, or <br />regulation, and the defense of any such claims or actions. <br /> <br />4. Liability Insurance During Construction. The BORROWER shall require the CONSTRUCTION <br />FIRM and its subcontractors to maintain, during the term of their contracts for construction of <br />the PROJECT, the following insurance with a company that is satisfactory to the STATE: <br /> <br />a, Worker's compensation and employer's liability insurance in the required statutory <br />amounts. . <br /> <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 <br />property damage. <br /> <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate. This insurance coverage <br />shall include products/completed operations and personal injury. <br /> <br />d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, <br />hail, vandalism, and flood in an amount equal to the completed value of the PROJECT. <br />. , <br />Said general liability insurance shall name the BORROWER and the STATE as additional insured. <br />An additional insured endorsement and a current copy of a certificate of said liability insurance <br />must be provided to the STATE prior to commencement of construction and maintained until <br />construction is complete. No payments shall be made to the BORROWER unless all insurance <br />certificates are current. The BORROWER shall file notices of renewals of said policies with the <br />STATE as renewals occur. <br /> <br />During the time of construction, the STATE reserves the right to increase the above amount of <br />insurance so that said amounts at a minimum correspond to the amount established by the <br />Colorado Governmental Immunity Act, now and as hereafter amended. <br /> <br />5. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or legal <br />liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient <br />and economical manner. The BORROWER agrees to indemnify and hold the STATE harmless <br />from any liability incurred by the STATE as a result of the STATE'S interest in the PROJECT <br />facilities and any other property identified in the Collateral Provisions of this contract. <br /> <br />6. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until <br />complete repayment of the loan is made to the STATE, the BORROWER shall maintain <br />commercial general liability insurance with a company that is satisfactory to the STATE covering <br />the management, operation, and maintenance of the PROJECT with minimum limits of <br />$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 />Said general liability insurance shall name the STATE as additional insured, The BORROWER <br />shall provide the STATE with a certificate of said insurance and an additional insured <br />endorsement, and shall provide the STATE with documentation of renewals of said insurance. <br />The STATE will not disburse any loan funds without evidence of said insurance coverage. <br />Throughout the life of this contract, the STATE reserves the right to increase the above amount <br />of insurance so that said amounts at a minimum correspond to the amount established by the <br />Colorado Governmental Immunity Act, now and as hereafter amended. <br /> <br />Jackson Lake Reservoir and Irrigation Co. Page 3 of 13 <br /> <br />Loan Contract <br />