C150048 Paid in Full Contract

• Contract/PO #: C150048
• Contractor Name: Plumb and Dailey Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

2. Time For PROJECT Completion. The BORROWER recognizes that time is of the essence in the
performance of all of its obligations under this contract. Therefore, the BORROWER shall complete
the PROJECT within two (2) years from the effective date of this contract. The time for completion
of the PROJECT may be extended subject to the approval of the ST T e BORROWER must
provide, in writing, documented justification for any request for extent y 0= • . s prior to
the end of the period for completion. The State will provide to the Borr• r 't (30) days
following receipt of the Borrower's request, a letter of app ' denial o - -quest for
extension of time for completion. ;.
3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall u I ON RUCTION
FIRMS and their subcontractors to indemnify the STATE and the BORROWER agar b''ty 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. Property 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 shall, without expense or legal
liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and
economical manner. The BORROWER agrees to indemnify and hold the STATE harmless from any
liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities and any
other property identified in the Collateral Provisions of this contract.
6. BORROWER'S Liability Insurance. Upon execution of this contract and continuing until complete
repayment of the loan is made to the STATE, the BORROWER shall maintain commercial general
Plumb and Dailey Ditch Company Page 3 of 12 Loan Contract