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<br />_/ <br /> <br />., <br />, <br /> <br />a. Workmen's compensation in the required statutory amounts, and employers' liability <br />Insurance in the amount of $100,000. <br /> <br />b. Automobile liability insurance for all vehicles and comprehensive general liability <br />insurance, 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 <br />Thousand Dollars ($500,000l. ' <br /> <br /><Ii) For any injury to two or more persons in any single occurrence, the sum of One <br />Million Dollars ($1,000,000l. <br /> <br />(ili) For any damage to property, the sum of Five Hundred Thousand Dollars ($500,000l <br />for each occurrence. <br /> <br />said general liability insurance shall name the BORROWER and the STATE as additional insured. <br />No payments shall be made to the BORROWER under this contract unless copies of current certificates <br />of all such insurance have been obtained by the BORROWER and filed with the STATE. Such filing of <br />current certificates shall be accomplished before the beginning of construction. Notices of <br />renewals of said policies shall also be filed with the STATE as they occur. <br /> <br />5. Liability insurance after construction. The BORROWER shall, without expense or legal liability <br />to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and economical <br />manner. The BORROWER agrees to indemnify and hold the STATE harmless from any liability incurred <br />by the STATE as a result of the STATE'S interest in the PROJECT facilities and any other property <br />identified in the collateral provisions of this contract. Until complete repayment of the loan is <br />made to the STATE, the BORROWER shall maintain comprehensive general liability insurance covering <br />the 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 <br />Thousand Dollars <$150,000l. <br /> <br />b. For any injury to two or more persons in any single occurrence, the sum of One Million <br />Dollars ($1,000,000l. <br /> <br />c. For any damage to property, the sum of Five Hundred Thousand Dollars ($500,000l for <br />each occurrence. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a certificate <br />of said liability insurance must be filed with the STATE sixty (60l days prior to the completion of the <br />PROJECT. Evidence of renewal of said liability insurance is to be submitted with the annual payment <br />which is discussed below. <br /> <br />6. BORROWER'S authority to contract. The BORROWER shall, pursuant to its articles of <br />incorporation. by-laws, and statutory authority, have its stockholders or board of directors adopt <br />an order or resolution, irrepealable during the life of this loan, authorizing the President and <br />secretary, on behalf of 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 <br />BORROWER, and <br /> <br />b. Levy annual assessments sufficient to repay the annual amounts due under this contract, <br />and <br /> <br />RAINBOW PARK WATER COMPANY <br /> <br />Page 3 of 11 <br /> <br />LOAN CONTRACT <br />