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WHEREAS, the State agrees to loan money for the <br />construction and rehabilitation of said project upon mutually <br />agreeable terms and conditions, subject to the availability of <br />funding for that purpose; and <br />WHEREAS, pursuant to Session 1 of Chapter 326, Session Laws of <br />Colorado 1991, the State has been authorized to loan a sum not to <br />exceed Two Hundred Fifty Thousand Dollars ($250,000) for the <br />feasibility report and the construction of the project; and <br />WHEREAS, the State and Borrower agree to include the repayment <br />of the sum of Twenty Thousand Dollars ($20,000), previously <br />advanced by the State for the feasibility study of the Hourglass <br />Dam, in the repayment of the loan of Two Hundred Thirty Thousand <br />Dollars ($230,000) made under this contract for a total principal <br />repayment of Two Hundred Fifty Thousand Dollars ($250,000). <br />NOW, THEREFORE, in consideration of the mutual and dependent <br />covenants herein contained, it is agreed by the parties hereto as <br />follows: <br />A. The State and the Borrower have entered into a termination <br />contract, attached hereto as Exhibit A, and a feasibility report <br />contract, attached hereto as Exhibit B. Exhibits A and B are <br />incorporated by reference herein. <br />B. The Borrower agrees that it shall: <br />1. Employ an engineering <br />specifications for the projec <br />project plans and specific <br />before initiation of constN.2. <br />real estate and water righ <br />o prepare project plans and <br />Xngineering firm and the <br />e roved by the State <br />Si project, including any <br />ons. can commence. <br />2. Contract for the udtion of said project to a <br />responsible and capable fi firms (hereinafter referred to as <br />Construction Firm or Firms), which Construction Firms shall be <br />selected through competitive public bidding, said project to be <br />completed within two and one -half (2 -1/2) years of the date of <br />this contract in accordance with the project plans and <br />specifications and any necessary modification thereof approved by <br />the State. The State must give written approval of all contracts <br />before they can become effective. An extension of the <br />above - specified time may be granted in writing by the State in its <br />sole discretion if such time is insufficient because of acts or <br />circumstances beyond the control of the Borrower. <br />3. Require all Construction Firms and their subcontractors <br />to indemnify the State and the Borrower against all liability and <br />loss, and against all claims, actions, and legal expenses and <br />costs incurred on the defense of any claim or action based upon or <br />arising out of damage or injury, including death, to persons or <br />Page 2 of 10 Pages <br />