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<br /> <br />",'";\ <br />" -.'j <br /> <br />b. Automobile liability insurance which includes coverage for all owned, non-owned and <br />hired vehicles with minimum limits of $1,000,000 combined single limit for bodily injury <br />and property damage. <br /> <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined <br />single limit for each occurrence and $2,000,000 general aggregate. This insurance <br />coverage 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, <br />wind, hail, vandalism, and flood in an amount equal to the completed value of the <br />PROJECT. <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional <br />insured. An additional insured endorsement and a current copy of a certificate of said liability <br />insurance must be provided to the STATE prior to commencement of construction and <br />maintained until construction is complete. No payments shall be made to the BORROWER <br />unless all insurance certificates are current. The BORROWER shall file notices of renewals of <br />said policies with the 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. Indemnification Of The STATE. The BORROWER shall, without expense or legal liability to the <br />STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. The BORROWER agrees, to the extent allowed by law, to indemnify and <br />hold the STATE harmless from any liability incurred by the STATE as a result of the STATE'S <br />interest in the PROJECT facilities and any other property identified in the Collateral Provisions <br />of this contract. <br /> <br />6. Liability Insurance. Upon execution of this contract and continuing until complete <br />repayment of the loan is made to the STATE, the BORROWER shalf maintain commercial <br />general liability insurance with a company that is satisfactory to the STATE covering the <br />management, operation, and maintenance of the PROJECT with minimum limits of $1,000,000 <br />combined single limit for each occurrence and $2,000,000 general aggregate, including <br />products/completed operations and personal injury. <br /> <br />Said general liability insurance shall name the STATE as additional insured. The BORROWER <br />shall provide the STATE with a certificate of said insurance and an additional insured <br />endorsement, and shall provide the STATE with documentation of renewais 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 <br />amount of insurance so that said amounts at a minimum correspond to the amount <br />established by the Colorado Governmental Immunity Act, now and as hereafter amended. <br /> <br />If the BORROWER is a "public entity" within the meaning of the Colorado Governmental <br />Immunity Act, C.R.S. 24-10-101, et seq., as amended ("Act"), the BORROWER shall at all <br />times maintain such liability insurance, by commercial policy or self-insurance, as is <br />necessary to meet its liabilities under the Act. Upon request by the STATE, the BORROWER <br />shall provide proof of such insurance. <br /> <br />Page 4 of 14. <br />