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WHEREAS, the Contractor or Borrower understands that this Contract is also a <br />promissory note for the repayment of funds loaned to the Borrower according to the terms <br />set forth herein. <br />NOW THEREFORE, in consideration of the mutual and dependent covenants <br />herein contained, it is agreed by the parties hereto as follows: <br />A. The Contractor agrees that it shall: <br />1. Employ an engineering firm (hereinafter referred to as the Consultant) to prepare <br />project plans and specifications for the project. Both the Consultant and the project plans <br />and specifications must be approved in writing by the State before construction on the <br />project can commence. For purposes of this paragraph, "construction" includes any real <br />estate and water rights acquisitions. <br />2. Contract for the construction of said project to a responsible and capable firm or <br />firms acceptable to the State Engineer's Office. <br />3. Cause construction of the project to be completed within one (1) year of the date <br />of this contract, in accordance with the project plans and specifications and any necessary <br />modification(s) thereof approved by the State. This time may be extended by the State <br />in writing if such time is insufficient because of acts of God or other acts or circumstances <br />beyond the control of the Contractor. The Contractor must produce documented <br />justification of any such acts or circumstances. <br />4. Require all Construction Firms and their subcontracto de 'fy the State <br />and the Contractor against all liability and loss, and against 1 and i s based <br />upon or arising out of damage or injury, including death, o , caused <br />by any acts or omissions of those parties or sustained in c c 'on erformance <br />of any contract related to the project or by conditions create the ased upon any <br />violation of any statute, ordinance, or regulation, and the de ny such claims or <br />actions. <br />5. Require all Construction Firms and their subcontractors to maintain during the <br />term of their contracts for project construction the following: <br />a. Workmen's compensation and employers' liability insurance in the required <br />statutory amounts. <br />b. Automobile liability insurance for all vehicles, and comprehensive general <br />liability insurance, both in at least the following amounts: <br />(1) For any injury to one person in any single occurrence, the sum of <br />One Hundred Fifty Thousand Dollars ($150,000). <br />Page 2 of 11 Pages <br />