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<br />4. Liability insurance during construction. The BORROWER shall require the CONSTRUCTION FIRM and its <br />subcontractors to maintain during the term of their I:ontracts for construction of the PROJECT the following: <br /> <br />a, Workmen's compensation in the requireQ statutory amounts, and employers' liability insurance in <br />the amount of $200,000. <br /> <br />b, Automobile liability insurance for all vehicles and comprehensive general liability insurance. both <br />in at least the following amounts: <br /> <br />(i) For any injury to one person in any single occurrence, the sum of Five Hundred Thousand-'.') <br />Dollars 1$500,000). <br /> <br />(ii) For any injury to two or 'more persOns in any single occurrence, the sum of One Million Dollars <br />($1,000,000). <br /> <br />(iii) For any damage to property, the SUm of Five Hundred Thousand Dollars ($500,000) for each <br />occurrence. <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional insured. No <br />payments shall be made to the BORROWER under thi~ contract unless copies of current certificates of all such <br />insurance have been obtained by the BORROWER and filed with the STATE. Such filing of current certificates shall <br />be accomplished before the beginning of constructicm. Notices of renewals of said policies shall also be filed <br />with the STATE as they occur. <br /> <br />5. After construction, hold the STATE harmless from any liability, and maintain liability insurance coverage. <br />The BORROWER shall, without expense or legal liability to the STATE, manage, operate, and maintain the PROJECT <br />continuously in an efficient and economical manner. The BORROWER agrees to indemnify and hold the STATE <br />harmless from any liability incurred by the STATE as ~ result of the STATE'S interest in the PROJECT facilities and <br />any other property identified in the deed of trust provisions of this contract. Until complete repayment of the <br />loan is made to the STATE, the BORROWER shall maintain comprehensive general liability insurance covering the <br />management, operation. and maintenance of the PROJECT in at least the following amounts: <br /> <br />a. For any injury to one person in any single occurrence. the sum of One Hundred Fifty Thousand <br />Dollars ($150.000). <br /> <br />b, For any injury to two or more persons in any single occurrence, the sum of One Million Dollars <br />($1,000,000). <br /> <br />c, For any damage to property. the sum of Five Hundred Thousand Dollars ($500,000) for each <br />occurrence. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a certificate of said <br />liability insurance must be filed with the STATE sixty (60) days prior to the completion of the PROJECT. Such <br />certificate shall be incorporated herein as part of this contract. Evidence of renewal of said liability insurance <br />is to be submitted with the annual payment which is discussed below, <br /> <br />6, BORROWER'S authority to contract. The BORROWER shall, pursuant to its articles of incorporation and its <br />by.laws, have its stockholders authorize the Pre~ident and Secretary to adopt an order or a resolution <br />authorizing the BORROWER to do the following: <br /> <br />a. Contract for this loan with the STATE. and to pay the indebtedness on behalf of the BORROWER. and <br /> <br />b. Execute the deed of trust as security required by the STATE as specified in the deed of trust <br />provisions of this contract, and <br /> <br />MIL1T ARY PARK RESERVOIR COMPANY <br /> <br />Page30fll <br /> <br />LOAN CONTRACT <br />