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construction contractor and subcontractor shall be required to maintain workmen's compensation, public liability and property damage insurance and each construction contractor shall be required to maintain builders risk insurance in reasonable amounts. Any amount recovered on the performance bond shall be deposited in the Construction Account.

Section 703. The Board covenants that it will provide and maintain competent and adequate architectural or engineering services covering the supervision and inspection of the development and construction of the Project or any Additional Facilities and will obtain all approvals and permits required by law as a condition precedent to the construction, development and operation of the Project or such Additional Facilities.

Section 704. The Board covenants that the Project and any Additional Facilities will be constructed on Land owned by the Board or by the State of North Carolina in fee simple, free from all liens and encumbrances.

Section 705. The Board covenants that on or before substantial completion of the Project it will, with funds of the Board other than the proceeds of the bonds and from sources and in a manner which will not jeopardize the security of the bonds, provide or cause to be provided the furnishings and movable equipment necessary to the full enjoyment of the use, occupancy and operation of the Project.

Section 706. The Board covenants that it will establish and enforce reasonable rules and regulations governing the use of the Dormitory System and the operation thereof, that all compensation, salaries, fees and wages paid by it in connection with the maintenance, repair and operation of the Dormitory System will be reasonable, that the Dormitory System will at all times be maintained and operated in an efficient and economical manner, that the same will at all times be maintained in good repair and in sound operating condition and that all necessary repairs, renewals and replacements will be made, and that all valid acts, rules, regulations, orders and directions of any legislative, executive, administrative or judicial body applicable to the Dormitory System will be complied with.

Section 707. Notwithstanding any other provision of this Resolution, nothing herein shall be construed to prevent the Board from paying all or any part of the Current Expenses of the Dormitory System from any funds available to the Board for such purpose, or from depositing any funds available to the Board for such purpose in the Dormitory System Bond and Interest Sinking Fund Account of 1963 for the payment of the interest on or the principal of any bonds issued under the provisions of this Resolution or for the redemption of any such bonds.

Section 708. The Board covenants that all taxes and assessments or other municipal or governmental charges lawfully levied or assessed upon the Dormitory System or upon any part thereof or upon any Revenues of the Dormitory System will be paid when the same shall become due, that all valid requirements of any governmental authority relative to the Dormitory System, or any part thereof, will be duly observed and complied with, that no lien or charge upon the Dormitory System, or any part thereof, or upon the Revenues of the Dormitory System will be created or will be permitted to be created ranking equally with or prior to the bonds, and that all lawful claims and demands for labor, materials, supplies or other objects which, if unpaid, might by law become a lien upon the Dormitory System, or any part thereof, or upon the Revenues of the Dormitory System will be paid or discharged, or adequate provision will be made for the payment or discharge of such claim or demands, within sixty (60) days after the same shall accrue; Provided, however, that nothing in this Section contained shall require any such lien or charge to be paid or discharged or provision made therasfor so long as the validity of such lien or charge shall be contested in good faith and by appropriate legal proceedings.

Section 709. The Board covenants that it will procure and maintain or cause to be procured and maintained, so long as any of the bonds shall be outstanding, fire and extended coverage insurance on the existing Dormitory System and, upon acceptance thereof from the contractor, the remainder of the Sormitory System, in a responsible insurance company

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