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<br />and the laws and regulations under which this contract is executed, The CWCB's exercise of <br />any or all of the remedies described herein shall not relieve the BORROWER of any of its duties <br />and obligations under this contract. <br /> <br />12. BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and hold <br />the CWCB harmless from any liability incurred by the CWCB as a result of the CWCB's <br />interest in the PROJECT facilities and any other properly identified in Section 4 (Collaterai) of <br />the Project Summary. <br /> <br />13. Operation of PROJECT. The BORROWER shall, without expense or legal liability to the CWCB, <br />manage, operate, and maintain the PROJECT continuously in an efficient and economical <br />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 PROJECTwith minimum limits of <br />$1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate, <br />inciuding products/completed operations and personal injury. The BORROWER shall provide the <br />CWCB with a certificate of said insurance and proof of renewals of said insurance. The <br />CWCB shall not disburse any loan funds without evidence of said insurance coverage. <br /> <br />B. PROJECT PROVISIONS <br /> <br />1. Construction Fund Program Procedures. During the compietion of the PROJECT, the <br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures (Section 6), of <br />the Project Summary,' <br /> <br />2. Eligible Expenses. The items for which the BORROWER is eligible for loan disbursements <br />are listed in Eligible Project Expenses (Section 7) of the Project Summary. <br /> <br />3. Loan Disbursements. The BORROWER shall provide to the CWCB a report prior to each loan <br />disbursement that states the PROJECT tasks completed and the costs expended for that <br />period. The CWCB shall disburse loan funds in accordance with the Disbursement Schedule <br />(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 Construction <br />Firms and their subcontractors to indemnify the CWCB and the BORROWER against all liability <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 />6. Liability Insurance During Construction. During construction of the PROJECT, the <br />BORROWER shall require the construction firm(s) and any subcontractors to maintain the <br />following insurance coverage in the limits shown with a company that is satisfactory to the <br /> <br />Page 4 of 8 <br /> <br />Loan Contract <br />