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<br />. - <br />. , <br /> <br />.. <br /> <br />BORROWER $922,000, hereinafter referred to as AUTHORIZED LOAN AMOUNT, at an interest rate of <br />4% per annum for a term of thirty (30) years for financing PROJECT costs. <br /> <br />9, The BORROWER held an election on November 2, 1999, whereby voters approved increasing <br />the BORROWER'S debt by up to $922,000 to be used to finance the construction, installation and <br />replacement of a water line to the Cottonwood Creek area, as shown on the BORROWER'S <br />Official Ballot and Official Election Results, which are incorporated herein by reference. <br /> <br />10. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions, subject to the availability of funding for that purpose. <br /> <br />Now THEREFORE, in consideration of the mutual and dependent covenants contained herein, the <br />parties agree as follows: <br /> <br />A. The BORROWER agrees as follows: <br /> <br />1. Time for PROJECT completion. 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 complete <br />the PROJECT within two (2) years of the date of this contract. The time for completion of the <br />PROJECT may be extended subject to the approval of the STATE. The BORROWER must provide, <br />in writing, documented justification for any request for an extension within sixty (60) days prior to <br />the end of the period for completion. The STATE will provide to the BORROWER within thirty (30) <br />days following receipt of the BORROWER'S request, a letter of approval or denial of the request for <br />extension of time for completion. <br /> <br />2. Indemnification By The CONSTRUCTION FIRM, The BORROWER shall require all CONSTRUCTION <br />FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and <br />loss, and against all claims and actions based upon or arising out of damage or injury, including <br />death, to persons or property, caused by any acts or omissions of those parties or sustained in <br />connection with the performance of any contract related to the PROJECT or by conditions created <br />thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of <br />any such claims or actions. <br /> <br />3. Liability Insurance During Construction. The BORROWER shall require the CONSTRUCTION <br />FIRM and its subcontractors to maintain, during the term of their contracts for construction of the <br />PROJECT, the following insurance with a company that is satisfactory to the STATE: <br /> <br />a. Worker's compensation and employer's liability insurance in the required statutory amounts, <br /> <br />b. Automobile liability insurance which includes coverage for all owned, non-owned and hired <br />vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and <br />property damage. <br /> <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall <br />include products/completed operations and personal injury. <br /> <br />d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, <br />hail, vandalism, and flood in an amount equal to the completed value of the PROJECT. <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional insureds, <br />An additional insured endorsement and a current copy of a certificate of said liability insurance <br />must be provided to the STATE prior to commencement of construction and maintained until <br />construction is complete. No payments shall be made to the BORROWER unless all insurance <br /> <br />Town of Palisade <br /> <br />Page 2 of 11 <br />