Limit is a special object with an unique morphism to it. In Я limit is Product.

this'  this `ha` u
that'  that `ha` u

Colimit is a special object with an unique morphism from it. In Я colimit is Sum.

this'  this `ho` u
that'  that `ho` u

That’s why these operators look this way - they resemble diagrams above (lo/la):

`lo` : into a o -> into a oo -> into a (o `LM` oo)
`la` : into a o -> into aa o -> into (a `ML` aa) o

If you want to go deep into this topic I can recommend you to spend some time with these articles: