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<br />a. Workmen's compensation in the required 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$1,000,000),
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<br />(iii) For any damage to property, the SUm of Five Hundred Thousand Dollars 1$500,0001 for each
<br />occurrence.
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<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 this 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 constructio~, Notices of renewals of said policies shall also be filed
<br />with the STATE as they occur.
<br />
<br />5. liability insurance after construction. The ElORROWER shall, without expense or legal liability to the
<br />STATE, manage, operate, and maintain the PROJECT continuously in an efficient and economical manner. The
<br />BORROWER agrees to indemnify and hold the STATE harmless from any liability incurred by the STATE as a result
<br />of the STATE'S interest in the PROJECT facilities and any other property identified in the deed of trust provisions
<br />of this contract. U~til complete repayment of the loan is made to the STATE, the BORROWER shall maintain
<br />comprehensive general liability insurance covering the management, operation, and maintenance of the PROJECT
<br />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 ()f Five Hundred Thousand Dollars ($500,000) for each
<br />occurrence,
<br />
<br />Said general liability insurance shall name the S'ATE as additional insured, A copy of a certificate of said
<br />liability insurance must be filed with the STATE sixty 160) 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 inswance
<br />is to be submitted with the annual payment which is discussed below,
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<br />6. BORROWER'S authority to contract. The BORROWERshall, pursuantto its articles of incorporation, by-laws,
<br />and by statute have its board of directors adopt an order or a resolution, irrepealable during the life of the loan,
<br />that authorizes the President and 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 and
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<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
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<br />c, Levy annual assessments sufficient to repay the annual amounts due under this contract, and
<br />
<br />KINGS ROW HOMEOWNERS ASSOCIATION
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<br />Page 3 of 11
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<br />LOAN CONTRACT
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