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<br />contract is executed, The CWCB's exercise of any or all of the remedies described <br />herein shall not relieve the BORROWER of any of jts duties and obligations under this <br />contract. <br /> <br />12, BORROWER'S Indemnification Of The CWCB. The BORROWER agrees to indemnify and <br />hold the CWCB harmless from any liability incurred by the CWCB as a result of the <br />CWCB's interest in the PROJECT facilities and any other property identified in Section 4 <br />(Collateral) of the Project Summary, <br /> <br />13, Operation of PROJECT. The BORROWER shall, without expense or legal liability to the <br />CWCB, manage, operate, and maintain the PROJECT continuously in an efficient and <br />economical manner. <br /> <br />14, BORROWER'S Liability Insurance. <br /> <br />a, Upon execution of this contract and continuing until complete repayment of the loan is <br />made to the CWCB, the BORROWER shall maintain commercial general liability <br />insurance with a company that is satisfactory to the CWCB covering the management, <br />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, <br />including products/completed operations and personal injury, <br /> <br />b, Said general liability insurance shall name the CWCB as additional insured, The <br />BORROWER shall provide the CWCB with a certificate of said insurance and an <br />additional insured endorsement, and proof of renewals of said insurance, <br /> <br />c, The CWCB shall not disburse any loan funds without evidence of said insurance <br />coverage, <br /> <br />d, 'Throughout the life of this contract, the CWCB reserves the right to increase the <br />above amount of insurance, <br /> <br />B, PROJECT PROVISIONS <br /> <br />1, Construction Fund Program Procedures. During the completion of the PROJECT, the <br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures (Section <br />6), of the Project Summary, <br /> <br />2, Eligible Expenses. The items for which the BORROWER is eligible for loan <br />disbursements are listed in Eligible Project Expenses (Section 7) of the Project <br />Summary, <br /> <br />3, Loan Disbursements. The BORROWER shall provide to the CWCB a report prior to each <br />loan disbursement that states the PROJECT tasks completed and the costs expended for <br />that period. The CWCB shall disburse loan funds in accordance with the Disbursement <br />Schedule (Section 8) of the Project Summary, <br /> <br />4, Time for Performance. The BORROWER recognizes that time is of the essence in the <br />performance of all of its obligations under this contract. Therefore, the BORROWER shall <br />complete the PROJECT within the time specified in Time For Performance (Section 9) of <br />the Project Summary, <br /> <br />Page 5 of 10 <br /> <br />Loan Contract <br />