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<br />4. CONSTRUCTION FIRM'S lIab."cy Insurance. The BORROWER shall reqUire the CONSTRUCTION FIRM and its <br />subcontractors to maintain during the term of their contracts for construction of the PROJECT the <br />fOllowing: <br /> <br />a. Worker's compensation and employers' IiClbility insurance in the required statutory amounts. <br /> <br />b. Automobile liability insurance for all vehicles and comprehensive general liability insurance, <br />both in at least the fOllowing amounts: <br /> <br />(j) For any injury to one person in any single occurrence, the sum of Five Hundred Thousand <br />Dollars ($500,000>. <br /> <br />(jj) For any injury to two or more persons in any single occurrence, the sum of One Million <br />Dollars ($1,OOO,000l. <br /> <br />(jjil For any damage to property, the sum Of Five Hundred Thousand Dollars ($500,000> for each <br />occurrence. <br /> <br />Said generalliabilitv insurance shall name the BORROWER and the ewCB and the SLB as additional <br />insured. No payments shall be made to the BORROWER under this contract unless current certificates of <br />all such insurance and additi~.>nal insured endorsements for each insurance policy have been obtained <br />by the BORROWER and filed with the STATE. Such filing of current certificates and endorsements shall be <br />accomplished before the beginning of construction. Notices of renewals of said policies shall also be filed <br />with the STATE on an annual basis. <br /> <br />5. BORROWER'S liability Insurance. The BORROWER shall, without expense or legal liability to the STATE, <br />manage, operate, and maintain the PROJECT continuously in an efficient and economical manner. The <br />BORROWER agrees to indemnify and hold the STATE hi3rmless from any liability incurred by the STATE as a <br />result of the STATE'S interest in the PROJECT facilities and any other property identified in the Collateral <br />provisions of this contract. Until complete repayment of the loan is made to the STATE, the BORROWER shall <br />maintain comprehensive general liability insurance covering the management, operation, and <br />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 Five Hundred Thousand <br />Dollars ($500,000>. <br /> <br />b. For any injury to two or more persons in any single occurrence, the sum of One Million Dollars <br />($1,000,000l. <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 CWCB and SLB as additional insured. No payments shall <br />be made to the BORROWER under this contract unlesS copies of current certificates of all such insurance <br />and additional insured endorsements for each insurClnce policy have been obtained by the Borrower and <br />filed with the State. Evidence of renewal of said IiClbility insurance is to be submitted with the annual <br />payment as discussed in the promissory Note provisions of this contract. Such filing of current <br />certificates and endorsements shall be accomplished before the beginning of construction. <br /> <br />6. Authority to contract. The TOWN and the BORROWER warrant that both the TOWN'S Board of Trustees <br />and the BORROWER'S governing body have complied with all statutory and other requirements and duly <br />passed a joint resolution authorizing: <br /> <br />a. The TOWN and the BORROWER to enter into this contract with the STATE; <br /> <br />b. The BORROWER to fix and collect water user charges and fees sufficient to pay off the loan made <br />under this contract; <br /> <br />c. The BORROWER to set aside sufficient revenues each year to pay the annual installment in a special <br />account, separate and apart from other revenues of the BORROWER; <br /> <br />NORWOOD WATER COMMISSION & TOWN OF NORWOOD <br /> <br />Page 3 at 11 Pages <br /> <br />LOAN CQNTRAC1 <br />