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<br />:"'.) <br />~. ", <br /> <br />~ <br /> <br />construction is complete. No payments shali be made to the BORROWER unless all insurance <br />certificates are current. The BORROWER shali 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 STPoTE. . The BORROWER shall, without expense or legal <br />liability to the STATE, manage, operate, and maintain the PROJECT continuousiy in an efficient <br />and economical manner. The BORROWER agrees to indemnify and hold the STATE harmless <br />from any liability incurred by the STATE as a result of the STATE'S interest in the PROJECT <br />facilities and any other property identified in the Coliateral Provisions of this contract. <br /> <br />6. BORROWER'S Liability Insurance. upon execution of this contract. and continuing until <br />complete repayment of the loan is made to the STATE, the BORROWER shali maintain <br />commercial general liability insurance with a company that is satisfactory to the STATE covering <br />the management, operation, and maintenance of the PROJECT with minimum limits of <br />$1,000,000 combined single limit for eac:h occurrence and $2,000,000 general aggregate, <br />including products/completed operations and personal injury. <br /> <br />Said general liability insurance shali name the STATE as additional insured. The BORROWER <br />shali provide the STATE with' a certificate of said insurance and an additional insured <br />endorsement, and shali 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 <br />of 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 />7. BORROWER'S Authority To Contract. The BORROWER shali, pursuant to its statutory authority, <br />articles of incorporation and by-laws, have its stockholders and board of directors adopt <br />resolutions, irrepealable during the life of this loan, authorizing the President and Secretary, on <br />behalf of the BORROWER, to do the foliowing: <br /> <br />a. To enter into and comply with the terms of this contract and the promissory note, and <br /> <br />b. To levy assessments in an amount sufficient to pay the annual amounts due under this <br />contract, and to pledge assessment revenues and the BORROWER'S right to receive said <br />revenues for repayment of the loan, and <br /> <br />c. To place the assessment revenues pledged to make annual loan payments in a special <br />account separate and apart from other BORROWER revenues in accordance with the Pledge <br />of Property Provisions of this contract, and <br /> <br />d. To make annual payments in accordance with the promissory note, and <br /> <br />e. To make annual deposits to a debt service reserve fund in accordance with the Pledge of <br />Property Provisions of this contract, and <br /> <br />f. To pledge as coliateral for the loan the left Hand Valiey Dams and Reservoir owned by the <br /> <br />Left Hand Ditch Company <br /> <br />Page 4 of 13 <br /> <br />Loan Contract <br />