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<br />__r, <br />I. '. ,') <br /> <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 />a violation of any statute, ordinance, or re9ulation, and the defense of 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 PROJECT <br />the followin9 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 <br />property damage. <br /> <br />c. Commercial general liability insurance with minimum limits of $1 ,000,000combined single <br />limit for each occurrence and $2,000,000 general aggregate. Insurance will include <br />products/completed operations and personal injury. <br /> <br />d. Builder's risk 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 />No payments shall be made to the BORROWER under this contract unless current certificates of all such <br />insurance and additional insured endorsements are on file with the STATE. Such filing of current <br />certificates and endorsements shall be accomplished before the beginning of construction. During <br />the time of construction, the STATE reserves the right to increase the above amount of insurance so <br />that said amounts at a minimum correspond to the amount established by the Colorado Governmental <br />Immunity Act, now and as hereafter amended. <br /> <br />5. BORROWER'S liability insurance. The BORROWER shall, without expense or legal liability to the <br />STATE, manage, operate, and maintain the PROJECT continuously in an efficient and economical <br />manner. The BORROWER agrees to indemnify and hold the STATE harmless from any liability incurred <br />by the STATE as a result of the STATE'S interest in the PROJECT facilities and any other property <br />identified in the Security Provisions of this contract. Upon execution of this contract and continuing <br />until complete repayment of the loan is made to the STATE, the BORROWER shall maintain commercial <br />general liability insurance with a company that is satisfactory to the STATE covering the management. <br />operation, and maintenance of the PROJECT wlm minimum limits of $'j ,G00,OOucorilolneo sll\gle linlll <br />for each occurrence and $2,OOO,OOOgeneral aggregate, including products/completed operations and <br />personal injury. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a <br />certificate of said liability insurance and additional insured endorsement must be filed with the State. <br />Evidence of current liability insurance coverage and endorsement is to be provided as renewals occur. <br />No loan funds shall be advanced by the STATE without evidence of said current coverage. Throughout <br />the life of this contract, the State reserves the right to increase the above amount of insurance so that <br />said amounts at a minimum correspond to the amount established by the Colorado Governmental <br />Immunity Act, now and as hereafter amended. <br /> <br />APPLETON ML350 DITCH COMPANY, INC. LOAN CONTRACT <br /> <br />Page 3 of 11 <br />