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Builder's risk insurance for construction in progress for all perils of loss including fire, wind, hail, vandalism, and flood in an amount equal to the completed value of the Facility. Said general liability insurance shall name the CDOW and the CWCB as additional insured. An additional insured endorsement and a current copy of a certificate of said liability insurance must be provided to the CWCB prior to commencement of construction and maintained until construction is complete. No payments shall be made to the CDOW unless all insurance certificates are current. Notices of renewals of said policies shall also be filed with the CWCB as they occur. During the time of construction, if the CWCB determines a need for, and the CDOW agrees, the contractor shall increase the above amount of insurance so that said amounts at a minimum correspond to the amount established by the Colorado Governmental Immunity Act, now and as hereafter amended. d) e 7. Compensation and Method of Payment. Total compensation responsibility by the CWCB under this MOV shall not exceed two million dollars ($2,000,000) for the time period covered by this MOV,ofwhich no more than $200,000 shall be allocated to operation and maintenance costs. In no event shall the CWCB pay more than forty percent of the actual cost to develop, operate, and maintain the Facility for the three (3) years following advertisement by CDOW of the notice of final settlement of construction claims required pursuant to ~ 38-26-107, C.R.S. The CWCB shall not disburse any funds under this MOV until the CDOW has closed on its purchase of the Chiles property. The CWCB shall disburse grant funds to the CDOW as follows: a) During design and construction, the CDOW shall prepare monthly progress reports which contain a statement of the Facility costs expended for that month, and shall submit said reports to a the CWCB staff. .- b) After receipt of the monthly progress report from the CDOW, and review and acceptance of the costs set forth therein, the CWCB shall pay to the CDOW forty percent (40%) of those costs accepted within thirty (30) days from the CWCB staff's receipt of each progress report. This thirty day time period shall not apply prior to the CDOW closing on the purchase of the Chiles property. c) After construction, the CDOW shall submit monthly statements of Facility operation and maintenance costs to the CWCB staff. After review and acceptance of the costs set forth in each such statement, the CWCB shall pay to the CDOW forty percent (40%) of those accepted costs within thirty days (30) from the CWCB staff's receipt of the statement, not to exceed $200,000. 8. Comprehensive Plan. The CDOW shall complete the Comprehensive Plan, which will describe the process by which the CDOW will identify declining species and develop priorities for habitat improvement and use of the Facility, within one year of the date of this MOV. The CDOW shall make the Comprehensive Plan available to the CWCB for review and comment as part of the routine public review process. 9. Ownership and Operation of the Facility. The Facility shall be owned and operated by the CDOW, but its operation will be undertaken in consultation with the CWCB. Annually, and prior to the legislative budget process, the CDOW and CWCB staff shall meet to discuss plans for the following Facility issues and activities: (l) budget; (2) research and genetics; (3) production; and (4) goals for augmentation. Following this consultation process the CDOW shall finalize operational plans for the Facility that will be summarized in a written report due by November 1 for the beginning of the following fiscal year. CDOW shall provide a copy of this written report to the CWCB. The primary contact person for the agencies regarding operation of the Facility shall be as follows: For CDOW - Eric Hughes (291- e Page 4 of 5