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<br />i. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br /> <br />J. Upon completion of the PROJECT construction, the BORROWER shall provide as-built <br />drawings of the PROJECT to the CWCB staff, and, if required by 9 37-87-105, C.R.S. <br />(1997), the BORROWER shall provide the same drawings to the State Engineer's Office for <br />approval and filing. <br /> <br />k. Upon completion of the PROJECT construction, the BORROWER shall arrange a final <br />inspection for the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. <br /> <br />2. Time For PROJECT Completion. The BORROWER recognizes that time is of the essence in <br />the performance of all of its obligations under this contract. Therefore, the BORROWER shall <br />complete the PROJECT within two (2) years from the date of this contract. The time for <br />completion of the PROJECT may be extended subject to the approval of the STATE. The <br />BORROWER must provide, in writing, documented justification for any request for extension <br />sixty (60) days prior to the end of the period for completion. The STATE will provide to the <br />BORROWER within thirty (30) days following receipt of the BORROWER'S request, a letter of <br />approval or denial of the request for extensio~ of time for completion. . <br /> <br />3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall require all <br />CONSTRUCTION FIRMS and their subcontractors to indemnify the STATE and the BORROWER <br />against all liability and loss, and against all claims and actions based upon or arising out of <br />damage or injury, including death, to persons or property, caused by any acts or omissions <br />of those parties or sustained in connection with the performance of any contract related to <br />the PROJECT or by conditions created thereby, or based upon any violation of any statute, <br />ordinance, or regulation, and the defense of any such claims or actions. <br /> <br />4. Liability Insurance During Constructi~n. The BORROWER shall require the CONSTRUCTION <br />FIRM and its subcontractors to maintain, during the term of their contracts for construction of <br />the 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 <br />amounts. <br /> <br />b. Automobile liability insurance which includes coverage for all owned, non-owned and <br />hired vehicles with minimum limits of $1,000,000 combined single limit for bodily injury <br />and property damage. <br /> <br />c. Commercial general liability insurance with minimum . limits of $1,000,000 combined <br />single limit for each occurrence and $2,000,000 general aggregate. This insurance <br />coverage shall include products/completed operations and personal injury. <br /> <br />d. Builder's risk insurance for construction in progress for all perils of Joss including fire, <br />wind, hail, vandalism, and flood in an amount equal to the completed value of the <br />PROJECT. <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional <br />insured. An additional insured endorsement and a current copy of a certificate of said <br /> <br />Ryan Gulch Reservoir Company <br /> <br />Page 3 of 13 <br /> <br />Loan Contract <br /> <br />