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<br />Disbursement Schedule (Section 9) 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 10) of <br />the Project Summary, <br /> <br />5, Indemnification By The Construction Firm. The BORROWER shall require all <br />Construction Firms and their subcontractors to indemnify the CWCB and the <br />BORROWER against all liability and loss, and against all claims and actions based upon <br />or arising out of damage or injury, including death, to persons or property, caused by <br />any acts or omissions of those parties or sustained in connection with the performance <br />of any contract related to the PROJECT or by conditions created thereby, or based upon <br />any violation of any statute, ordinance, or regulation, and the defense of any such <br />claims or actions, <br /> <br />6. Liability Insurance During Construction. During construction of the PROJECT, the <br />BORROWER shall require the construction firm(s) and any subcontractors to maintain the <br />following insurance coverage in the limits shown during the term of their contracts for <br />the construction of the PROJECT. The BORROWER shall provide the CWCB with an Acord <br />Form 27 evidencing said insurance prior to commencement of construction, maintained <br />until construction is complete, and shall provide the CWCB with documentation of <br />renewals of said insurance. No payments shall be made to the BORROWER unless all <br />insurance certificates are current. <br /> <br />a. Builder's risk insurance for construction in progress for all perils of Iqs~jnl:;h:tgjJ:lg fire, <br />wind, hail, and vandalism in an amount equal to the completed value of the <br />PROJECT. <br /> <br />b. Worker's compensation and employer's liability insurance in the required statutory <br />amounts. <br /> <br />c, Automobile liability insurance that includes coverage for all owned, non-owned and <br />hired vehicles with minimum limits of $1,000,000 combined single limit for bodily <br />injury and property damage. <br /> <br />d, 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 bodily injury/property <br />damage. <br /> <br />C, GENERAL PROVISIONS <br /> <br />1, Periodic Inspections. Throughout the term of this contract, the BORROWER shall <br />permit a designated representative of the CWCB to make periodic inspections of the <br />PROJECT. Such inspections shall cover the condition of the PROJECT, operating records, <br />maintenance records, and financial records. These inspections are solely for the <br />purpose of verifying compliance with the terms and conditions of this contract and shall . <br />not be construed nor interpreted as an approval of the actual design, construction or <br />operation of any element of the PROJECT facilities. <br /> <br />2. Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, <br /> <br />Page 5 of 9 <br />