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<br />period for completion, The BORROWER further recognizes that time is of the essence in the <br />performance of all its obligations under this contract. <br /> <br />3. Indemnification of the STATE. The BORROWER shall require all CONSTRUCTION FIRMS and their <br />subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all <br />claims and actions based upon or arising out of damage or injury, including death to persons or <br />property, caused by any acts or omissions of those parties or sustained in connection with the <br />performance of any contract related to the PROJECT or by conditions created thereby, or based upon <br />any violation of any statute, 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 <br />its subcontractors to maintain during the term of their contracts for construction of the PROJECT the <br />following: <br /> <br />a, Workmen's compensation in the required statutory amounts, and employers' liability <br />insurance in the amount of $200,000, <br /> <br />b, Automobile liability insurance for all vehicles and comprehensive general liability insurance, <br />both in at least the following amounts: <br /> <br />(i) For any injury to one person in any single occurrence, the sum of Five Hundred <br />Thousand Dollars ($500,000), <br /> <br />(ii) For any injury to two or more persons in any single occurrence, the sum of One Million <br />Dollars ($1,000,000). <br /> <br />(iii) For any damage to property, the sum of Five Hundred Thousand Dollars ($500,000) <br />for each occurrence, <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional insured, <br />No payments shall be made to the BORROWER under this contract unless copies of current certificates <br />of all such insurance have been obtained by the BORROWER and filed with the STATE. Such filing of <br />current certificates shall be accomplished before the beginning of construction. Notices of renewals <br />of said policies shall also be filed with the STATE as they occur. <br /> <br />5. After construction, hold the STATE harmless from any liability, and maintain liability insurance <br />coverage, The BORROWER shall, without expense or legal liability to the STATE, manage, operate, and <br />maintain the PROJECT continuously in an efficient and economical manner. The BORROWER agrees to <br />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 <br />provisions of this contract. Until complete repayment of the loan is made to the STATE, the BORROWER <br />shall maintain comprehensive general liability insurance covering the management, operation, and <br />maintenance of the PROJECT 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 <br />Thousand Dollars ($150,000). <br /> <br />b. For any injury to two or more persons in any single occurrence, the sum of One Million <br />Dollars ($1,000,000), <br /> <br />ELMWOOD LATERAL DITCH COMPANY <br /> <br />Page 3 of 11 <br /> <br />LOAN CONTRACT <br />