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CWCB staff. i. The BoRROwER shall construct the PRO~ECT in accordance with the approved plans and specifications. j. Upon completion of the PRO~ECT construction, the BORROWER shall provide as-built drawings of the PRO~ECT to the CWCB staff, and, if required by § 37-87-105, C.R.S. (1997), the BoRROwER shall provide the same drawings to the State Engineer's Office for approval and filing. k. Upon completion of the PRO~ECT construction, the BORROWER shall arrange a final inspection for the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. 2. Time For PRO~ecT Completion. The BoRROwER recognizes that time is of the essence in the performance of a11 of its obligations under this contract. Therefore, the BORROwER shall commence with construction in order to complete the PRO~ECT no later than two (2) years from the date of this contract. The time for completion of the PRO~ECr may be extended subject to the approval of the SrATE. The BoRROwER must provide, in writing, documented justification for any request for extension sixty (60) days prior to the end of the period for completion. 3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall require all CotvsTRUCTtoN FiRnns and their subcontractors to indemnify the STATE and the BoRROwER against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property, caused by any acts or omissions of those parties or sustained in connection with the performance of any contract related to the PROJECT or by conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or actions. 4. Liability Insurance During Construction. The BoRROwER shall require the CoNSrRUCTiorv FiRnn and its subcontractors to maintain during the term of their contracts for construction of the PRO~ECT the following insurance with a company that is satisfactory to the STA~E: a. Workers compensation and employer's liability insurance in the required statutory amounts. b. Automobile liability insurance which includes coverage for ali owned, non-owned and hired vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property damage. c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include products/completed operations and personal injury. d. 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 PROJECT. Excelsior Irrigating Company Page 3 of 15 Loan Contract