C150044 Paid in Full Contract

• Contract/PO #: C150044
• Contractor Name: Riverside Reservoir & Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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writing, documented justification for any request for extension sixty (60) days prior to the end of
the period for completion. The State will provide to the Borrower within thirty (30) days following
receipt of the Borrower's request, a letter of approval or denial of the request for extension of time
for completion.
3. Indemnification By Tft6 ONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION
FIRMS 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 CONSTRUCTION FIRM
and its subcontractors to maintain, during the term of their contracts for construction of the
PROJECT, the following insurance with a company that is satisfactory to the STATE:
a. Worker's compensation and employer's liability insurance in the required statutory amounts.
b. Automobile liability insurance which includes coverage for all 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.
Said general liability insurance shall name the BORROWER and the STATE as additional insured.
An additional insured endorsement and a current copy of a certificate of said liability insurance
must be provided to the STATE prior to commencement of construction and maintained until
construction is complete. No payments shall be made to the BORROWER unless all insurance
certificates are current. The BORROWER shall file notices of renewals of said policies with the
STATE as renewals occur.
During the time of construction, the STATE reserves the right to increase the above amount of
insurance so that said amounts at a minimum correspond to the amount established by the
Colorado Governmental Immunity Act, now and as hereafter amended.
5. BORROWER'S Indemnification Of The STATE. The BORROWER , it 'ut expense or legal
liability to the STATE, manage, operate, and maintain the PROJEC • '� • 'n efficient and
economical manner. The BORROWER agrees to indemnify,' Id the less from any
liability incurred by the STATE as a result of the STATE'S in e n ROJEC -cilities and any
other property identified in the Collateral Provisions of this cant ct.
6. BORROWER'S Liability Insurance. Upon execution of this contract an. - •, ui until complete
repayment of the loan is made to the STATE, the BORROWER shall maintain • - cial general
liability insurance with a company that is satisfactory to the STATE covering the management,
operation, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single
limit for each occurrence and $2,000,000 general aggregate, including products/completed
operations and personal injury.
Riverside Reservoir and Land Company Page 3 of 12 Loan Contract C150044