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<br />-, <br /> <br />receipt of the Borrower's request, a letter of approval or denial of the request for extension of time <br />for completion. <br /> <br />3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION <br />FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and <br />loss, and against all claims and actions based upon or arising out of damage or injury, including <br />death, to persons or property, caused by any acts or omissions of those parties or sustained in <br />connection with the performance of any contract related to the PROJECT or by conditions created <br />thereby, or based upon any violation of any statute, ordinance, or reguiation, and the defense of <br />any such claims or actions. <br /> <br />4. Liability Insurance During Construction. The BORROWER shall require the CONSTRUCTION FIRM <br />and its subcontractors to maintain, during the term of their contracts for construction of the <br />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 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 property <br />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 shall <br />include products/completed operations and personal injury. <br /> <br />d. Property insurance for construction in progress for all perils of loss including fire, wind, hail, <br />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 legai <br />liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. The BORROWER agrees to indemnify and hold the STATE harmless from any <br />liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities and any <br />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 complete <br />repayment of the loan is made to the STATE, the BORROWER shall maintain commercial general <br />liability insurance with a company that is satisfactory to the STATE covering the management, <br />operation, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate, including products/completed <br />operations and personal injury. <br /> <br />Said general liability insurance shall name the STATE as additional insured. The BORROWER shall <br />provide the STATE with a certificate of said insurance and an additional insured endorsement, and <br /> <br />Highland Ditch Company <br /> <br />Page 3 of 12 <br /> <br />Loan Contract <br /> <br />.\.<,' <br />