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WHEREAS, pursuant to section 1 of chapter 32, Session Laws <br />of Colorado 1987, as amended by Senate Bill 85 (1989), the <br />State has been authorized to loan Two Hundred Fifteen Thousand <br />Dollars ($215,000) for construction of the project, including <br />the cost of the feasibility report. <br />WHEREAS, the Contractor or Borrower understands that this <br />Contract is also a promissory note for the repayment of funds <br />loaned to the Borrower according to the terms set forth herein. <br />NOW THEREFORE, in consideration of the mutual and <br />dependent covenants herein contained, it is agreed by the <br />parties hereto as follows: <br />A. The State and the Contractor have previously entered into a <br />termination contract, attached hereto as Exhibit A. and a <br />feasibility report contract, attached hereto as Exhibit B. <br />Exhibits A and B are incorporated by reference herein. <br />B. The Contractor agrees that it shall: <br />1. Employ an engineering firm (hereinafter referred to as <br />the Consultant) to prepare project plans and specifications for <br />the project. Both the Consultant and the project plans and <br />specifications must be approved in writing by the State before <br />construction on the project can commence. For purposes of this <br />paragraph, "construction" includes real estate and water <br />rights acquisitions. <br />2. Contract for the con on s project to a <br />responsible and capable firm it ( inafter referred to <br />as Construction Firm or Firms), nstruction Firms shall <br />be selected by the Contractor u competitive public <br />bidding. The State must app, writing all contracts <br />before they can become effects <br />3. Cause construction of the project to be completed <br />within two and one -half (2 1/2) years of the date of this <br />contract, in accordance with the project plans and <br />specifications and any necessary modification(s) thereof <br />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 <br />or other acts or circumstances beyond the control of the <br />Contractor. If the project is not completed within two and <br />one -half (2 1/2) years, and if the contract is not extended by <br />the State, the contract shall be terminable at the option of <br />the State. The Contractor must produce documented <br />justification of any such acts or circumstances. <br />4. Require all Construction Firms and their subcontractors <br />to indemnify the State and the Contractor against all liability <br />and loss, and against all claims and actions based upon or <br />arising out of damage or injury, including death, to persons or <br />property, caused by any acts or omissions of those parties or <br />sustained in connection with the performance of any contract <br />related to the project or by conditions created thereby, or <br />based upon any violation of any statute, ordinance, or <br />regulation, and the defense of any such claims or actions. <br />5. Require all Construction Firms and their subcontrac- <br />tors to maintain during the term of their contracts for project <br />construction the following: <br />a. Workmen's compensation and employers' liability <br />insurance in the required statutory amounts. <br />b. Automobile liability insurance for all vehicles, <br />and comprehensive general liability insurance, both in <br />at least the following amounts: <br />Page 2 of 10 Pages <br />