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<br />" ,.
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<br />economical manner,
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<br />14, BORROWER'S Liability Insurance.
<br />
<br />a, Upon execution of this contract and continuing until complete repayment of the loan is
<br />made to the CWCB, the BORROWER shall maintain commercial ger)eral liability
<br />insurance with a company that is satisfactory to the CWCB covering the management,
<br />operation, 'and maintenance of the PROJECT with minimum limits of $1,000,000
<br />combined single limit for each occurrence and $2,000,000 general aggregate,
<br />including products/completed operations and personal injury,
<br />
<br />b, The BORROWER shall provide the CWCS with a certificate of said insurance and proof
<br />of renewals of said insurance,
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<br />c, The CWCS shall not disburse any loan funds without evidence of said insurance
<br />coverage.
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<br />B, PROJECT PROVISIONS
<br />
<br />1, Construction Fund Program Procedures. During the completion of the PROJECT, the
<br />BORROWER shall adhere to the CWCS Construction Fund Program Procedures (Section
<br />6), of the Project Summary,
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<br />2, Eligible Expenses. The items for which the BORROWER is eligible for loan
<br />disbursements are listed in Eligible Project Expenses (Section 7) of the Project
<br />Summary,
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<br />3, Loan Disbursements, The BORROWER shall provide to the CWCB a report prior to each
<br />loan disbursement that states the PROJECT tasks completed and the costs expended for
<br />that period, The CWCB shall disburse loan funds in accordance with the Disbursement
<br />Schedule (Section 8) of the Project Summary,
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<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
<br />the Project Summary,
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<br />5, Indemnification By The Construction Firm. The BORROWER shall require all
<br />Construction Firms and their subcontractors to indemnify the CWCB and the BORROWER
<br />against all liability and loss, and against all claims and actions based upon or arising out
<br />of damage or injury, including death, to persons or property, caused by any acts or
<br />omissions of those parties or sustained in connection with the performance of any
<br />contract related to the PROJECT or by conditions created thereby, or based upon any
<br />violation of any statute, ordinance, or regulation, and the defense of any such claims or
<br />actions,
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<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 />eWCB during the term of their contracts for the construction of the PROJECT,
<br />
<br />a, Builder's risk insurance for construction in progress for all perils of loss including fire,
<br />wind, hail, and vandalism in an amount equal to the completed value of the PROJECT,
<br />
<br />b. Worker's compensation and employer's liability insurance in the required statutory
<br />amounts.
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<br />Page 5 of 9
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<br />Upper Platte and Beaver Creek Canal Co,
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<br />Loan Contract
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