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<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 $1,000,000 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. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, <br />hail, vandalism, and flood in an amount equal to the amount of the PROJECT construction <br />contracts. <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional insureds. <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 Govemmentallmmunity Act, now and as hereafter amended. <br /> <br />5. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or legal <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 participation in financing the PROJECT. <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 an Acord Form 27 evidencing said insurance and an additional insured <br />endorsement, and shall provide the STATE with documentation of renewals of said insurance. <br />The STATE will not disburse any loan funds without evidence of said insurance coverage. <br />Throughout the life of this contract, 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 />Because the BORROWER is a "public entity" within the meaning of the Colorado Governmental <br />Immunity Act, CRS 24-10-101, et seq., as amended ("Act"), the BORROWER shall at all times <br />maintain such liability insurance, by commercial policy or self-insurance, as is necessary to meet <br />its liabilities under the Act. Upon request by the STATE, the BORROWER shall provide proof of <br />such insurance. <br /> <br />7. DISTRICT'S and BORROWER'S Authority To Contract. The DISTRICT and the BORROWER <br />warrant that their respective boards of directors have complied with all applicable law and duly <br />adopted resolutions that constitute legislative measures of the DISTRICT and the BORROWER <br />and are irrepealable for the term of this loan contract, authorizing: <br /> <br />Ute Water Activity Enterprise and <br />Ute Water Conservancy District <br /> <br />Page 4 of 13 <br />