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s:tuated, by i.ieans ,)f polIcies issued by reputabic insurance companies duty Qualified to do such business in the: State of 0!'io. Sectioi-i 5.4. The Barrower agrees that it wilI provide throu rh self-insurance or obtain public Gability insur,ace with reference to the Project Facilities in minimum act:.ounts of $500,000 for the deaih of or p-.rson2.l injtuy to one person and $I,000,400 for personal injury or death for each occurrence in connuxtion with the Project Facilities and $500,000 far groperty damage for any occurrence in,.-onnec:ion with the Project Facilities. The Director and the OWDA, on behalf of the WPCLF shall)e mai.le an additiortal insured under such policies. Section. S:S. '.Chroughout the Contract Period af Years, the Borrower shatI maintain Worker's Compensatiott Covc: •age or cause the same to be maintained. Seetiol 5.6. .:1ny insurance policy issued pursuant ta Section 5.4. hereof sha11 be so writte-.1 or endorsed ;:s to niake losses, if any, payable to the State on behalf of the WPCLF, and th.e Borrower as tt-ieir re:;pective interes?s may appear. Each insurance policy provided for in Sections 5 3. and 5.4. hereof shall contain aprovision to the effect that the insurance company shall not c,zncet the samz. withe ut first giving written notice thereof to the St.ato and the Borrower at least ten days in advxt-ice o!' such canceliation. The Bonower shall deliver certificates of insurancti evidencing thc: cover-tge reauired herein to the State. Sectio!i 5.1. ;;'he ne: proceeds af the insurance carried purstiant to rhe provisions of Sections 5.3. and 5,4, k;.-reof :hall be applied as follows: (a) T;-e net proceeds of the insurance required in Section 5.3. -hereof shatl be applied as provided in 5e-,;tion 5.9. hereof, and (b) Th: net pF oceeds ofthe insurance required in Section 5.4. hereof shal) be applied toward extinguishmer., or satisfaction of the liability with respect to which such insuranee proceeds may be paid. Sectio:i 5.8. In the event *e Borrower shall fail to maintain th: full insurance coverage required by thi? 3 Agr(.ement or shall fail to keep the Project Facilities in good repair and operating condition, or :;)atl fa'1 ta o2erate the Froject Facilities in accordance wit:1 Section 5.2, hereo? the OtiVDA may (E-lit shall be under no ob'igation to) take out the required policies of insurance $nd pay the premiums of the ;ame or may mak:e svch repairs or replacements as are aecessary oc may ture the necessary c;perati;ig personnel to insure compliance with Section 5.2. and provide for payment thereof; and al' amot ?nts so advanced therefor by the OWDA sh11I become a separate obiigation, apart from this Agree ment, of the Borrower to the OW17A, which amounts, together with interest therefln at a rat:: equal to three percent (3%) above the Contract Interest Rate from the date thereo? thc Borrower agrees ?:o pay. Section 5.9. Ii"prior to the completion of the Contract Period of Years the Project Facitities shal) be damagc:d or f artialIy or totally destroyed by fire, flood, windstorm or other casualty, there 13