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<br />. <br /> <br />. <br /> <br />conditions created thereby, or based upon any violation of any statute, ordinance, or <br />regulation, and the defense of any such claims or actions. <br /> <br />6. Liability Insurance During Construction. The BORROWER shall require the Construction Firm <br />and its subcontractors to maintain, during the term of their contfacts for construction of the <br />PROJECT, insurance with a company that is satisfactory to the STATE, in the limits shown <br />below, No payments shall be made to the BORROWER unless all proof of insurance is current. <br />The BORROWER shall file notices of renewals of said policies with the STATE as renewals <br />occur, <br /> <br />a. Workers compensation and employers liability insurance in the required statutory <br />amounts. <br /> <br />b. Automobile liability insurance that 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 <br />shall 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 completed value of the PROJECT. <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 />7. Progress Reports. The BORROWER shall pfepare a periodic progress report which contains a <br />statement of the PROJECT tasks completed and the costs expended for that period and shall <br />forward said statement to the STATE. <br /> <br />C. GENERAL PROVISIONS <br /> <br />1. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a <br />designated representative of the STATE to make periodic inspections of the PROJECT. Such <br />inspections are solely for the purpose of verifying compliance with the terms and conditions of <br />this contract. Furthermore, such inspections shall cover the condition of the PROJECT, <br />operating records, maintenance records, and financial records, and shall not be construed nor <br />interpreted as an approval of the actual design and/or construction of any element of the <br />PROJECT facilities, <br /> <br />2. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, <br />state, and local laws and regulations that are in effect or may hereafter be established <br />throughout the term of this contract. <br /> <br />3, Designated Agent Of The STATE. The CWCB's agents and employees are hereby <br />designated as the agents of the STATE for the purpose of this contract. <br /> <br />4, Contract Is Not Assignable. The BORROWER may not assign this contract except with the <br />prior written approval of the STATE, <br /> <br />5, Contract Relationship. The parties to this contract intend that the relationship between them <br /> <br />Page 7 of 11 <br />