C150245 Contract - Laserfiche WebLink

Home Browse Search

SECTION 6 - COLLATERAL The collateral provided for this loan, as evidenced by the executed Deed of Trust, in the form attached as Appendix 5 -7 and incorporated herein, shall be an undivided one hundred percent (100 %) interest in 1) the Timnath Flatiron Reservoir and appurtenances, and 2) 4.5 shares of Boxelder Ditch Company, along with the Boxelder Ditch Carriage Agreement, as more particularly described in the attached Deeds of Trust ( "Collateral "). SECTION 7 — ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS No additional conditions or contract requirements SECTION 8 — CONSTRUCTION FUND PROGRAM PROCEDURES A. The BORROWER must submit a written appraisal or opinion of value from a qualified water rights appraiser supporting the purchase price prior to disbursal of loan funds. B. The BORROWER shall pay all of the expenses related to the PROJECT when such bills are due. C. The BORROWER shall employ an engineer, registered in the state of Colorado to prepare plans and specifications for the PROJECT. D. The BORROWER'S and the Engineering Consultant's Agreements and the plans and specifications must be submitted to the CWCB staff for verification of compliance with the terms of this Contract when available prior to bidding. Any modifications to the plans and specifications must be approved in writing by the CWCB staff. E. For plans and specifications for all jurisdictional dams and reservoirs, as defined by § 37 -87 -105 C.R.S., the BORROWER shall provide a letter of approval from the State Engineer's Office prior to construction. F. CWCB staff must be present at bid opening and must approve the award of the construction contract. G. The BORROWER shall contract for the construction of the work with responsible and capable Construction Firms, which said Construction Firms shall be selected by the BORROWER and found acceptable by the CWCB staff. H. The BORROWER must provide a copy of the executed construction contract documents consisting of the contractor's proposal, construction contract, performance bond, payment bond, notice of award, notice to proceed, sample change order, and sample field order, as well as the advertisement for bid and bid bond at bidding. After the CWCB staff verifies that these documents comply with the terms of this contract, the BORROWER may issue the notice to proceed to the Construction Firms. 1. The BORROWER shall conduct a pre - construction conference at which time the CWCB staff shall have the opportunity to review and approve the construction schedule. Appendix 1 to Loan Contract C150245 Page 2 of 4